...Divergence in Asset Growth: Korea, Mexico, Brazil, India, Taiwan, Canada and South Africa are "second tier" money fund markets ¡ large in their own right, but too small compared with the US, Europe and, increasingly, China, which together account for 93% of the global market. Some of these markets ¡ Brazil and India, in particular ¡ have grown significantly, while the opposite is true of others, notably Canada; the remaining, such as South Africa and Mexico, have kept their asset base broadly stable. Relative AUM Share Varies: Money funds play an important role in the fund sector in some of these "second-tier" jurisdictions. Money funds account for more than 40% of the mutual fund industry in Mexico and Taiwan, more than twice that in the US and globally. The ratio is between 10% and 20% in the other "second tier" sovereigns in this report. Money funds play a less important role in Canada, comprising less than 5% of the fund industry. Low Utilisation Outside Core: Money funds are less utilised...
