Triple-A rated money market funds are proving increasingly attractive for institutional investors as assets under management promoted by IMMFA members grew to $174.5 billion at the end of 2003, up from $130 billion at 2002 year-end. The Institutional Money Market Funds Association is the trade association for the providers of services to the triple-A rated money market funds which are being increasingly targeted by corporate treasurers as a way to raise short-term debt.
"IMMFA money market funds have continued to show sizeable growth in real terms," comments Peter Knight, chairman of the IMMFA, "notwithstanding the current challenging environment for managed debt and the rebound in equity markets. Our aim in 2004 is to continue to expand the membership of IMMFA and help members increase their assets under management."