Assets in Money Market Mutual Funds Increase $952.6 Million

Assets of the nation’s 645 retail money market mutual funds rose by $952.6 million in the latest week to $389.54 billion, the Investment Company Institute said Thursday.

Assets of the 406 taxable money market funds in the retail category rose by $842.5 million to $305.33 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 239 tax-exempt fund assets rose by $110.1 million to $84.21 billion.

Assets of the 274 institutional money market funds fell by $3.69 billion to $195.34 billion for the same period. Among institutional funds, the 221 taxable money market fund assets fell by $3.38 billion to $173.90 billion; assets of the 53 tax-exempt funds fell by $308.5 million to $21.44 billion.

Total money market assets stood at $584.87 billion for the week.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 2.64% from 2.65% the previous week, said Money Fund Report, a trade journal published in Ashland, Mass., by IBC-Donoghue. The 30-day average yield was unchanged at 2.65%, IBC-Donoghue said.