US prime money market funds have recently increased their exposure to banks in the eurozone after months of large reductions but there remains vigilance about risk, according to a report published today by Fitch Ratings.
The exposure of the 10 largest US prime money funds to eurozone banks edged up to 11 per cent, or $73.8bn, of their $648bn of assets under management at the end of January from less than 10 per cent in December. US prime money market funds have a total of $1.44tn of assets.
Since May, top money market funds’ exposure to eurozone institutions has dropped from a 31 per cent holding, or $234bn, as the sovereign debt crisis heightened concerns about the contagion to banks, which rely on US funding.
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