9.01 Since money market funds came into existence in the early 1970s in the US, other countries around the world have developed their own version of these funds. According to the worldwide assets under management statistics collected by the Investment Company Institute, 42 countries currently host money market funds with total assets under management of over $4.6 trillion.1 The US and European markets command the largest share of the worldwide assets, with 55 per cent and 29.4 per cent, respectively. Figure 9.1 illustrates an allocation of money market fund assets...
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