Last month was huge for money funds, especially government ones.
| Peter G. Crane|
Crane Data LLC
A record $625 billion of net inflows went into money-market mutual funds in March amid the ongoing coronavirus crisis and investors' search for safetey, InvestmentNews reports
, citing figures from Crane Data
. That included more than $790 billion in net inflows into government money funds and a $160-billion drop in prime money funds' combined AUM. Government money funds now hold about $3.5 trillion, while prime money funds hold $936 billion.
"You've seen the craziest run-up in money-fund assets we've ever seen," Pete Crane
, president of his eponymous data shop, told InvestmentNews
Crane notes that, given the low yields, he expects money funds to start waiving fees again, like in the low-interest years following the financial crisis.
Neil Anderson, Managing Editor
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