Assets managed in institutional money market funds could reach $1trn (€827bn) in five years’ time, said Institutional Money Market Funds Association chairman Donald Aiken.
In the past five years assets managed with IMMFA members’ funds have grown from $50bn to $260bn. The association is currently focusing on lobbying government and regulators and raising awareness of money market funds in Europe, Aiken said at a dinner following the IMMFA’s annual meeting.
He said that the most important pieces of lobbying had been on the EU definition of eligible assets and on the role of money market instruments. If IMMFA had not successfully lobbied the Committee of European Securities Regulators, the money markets funds would have had to close, Aiken said.