The London-based International Money Markets Fund Association (IMMFA) says total assets in funds managed by its members rose to US$136.8 billion in the quarter to end March 2003.
US Dollar assets suffered a slight asset decline as average yields approached a mere 1 per cent, but this was more than offset by robust growth in Euro and Sterling money market funds, which rose 8.2 and 22.4 per cent respectively during the quarter.
IMMFA was established in June 2000 as the trade association for providers of triple-A rated money market funds. Funds are currently domiciled in Dublin, Luxembourg and the Channel Islands. Total market size in Europe has risen from under a billion dollars in 1995 to approximately US $136.8 billion at end March 2002.