Money market fund (MMF) flows are set to stabilise in 2024 after significant inflows in 2023, Fitch Ratings says in a new report. Global MMF assets under management (AUM) were USD9.9 trillion at end-2023, up 17% from the previous year with most of the increase coming in 2H23. US MMF AUM rose 21% to USD6.3 trillion in 2023 driven by investors taking advantage of high interest rates and deposit outflows after the US regional bank failures. Fitch estimates that European MMFs’ AUM increased by 11% to EUR1.8 trillion with short-term MMFs the main contributor. Chinese MMF assets rose 8% to CNY11.3 trillion after a strong ... (full story)