Money market fund assets rise
NEW YORK – Total U.S. money market mutual fund assets rose by $19.96 billion to $2.684 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation’s retail money market mutual funds fell $4.16 billion to $915.85 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $3.55 billion to $721.66 billion. Tax-exempt retail fund assets fell by $600 million to $194.19 billion.
Assets in institutional money market funds rose by $24.11 billion to $1.768 trillion. Among institutional funds, taxable money market fund assets rose by $24.56 billion to $1.692 trillion. Assets of tax-exempt funds fell by $450 million to $75.66 billion.
The seven-day average yield on money market mutual funds was unchanged at 0.01 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.