Assets in U.S. money market funds fell 1% to $808.14 billion for the week ending Feb. 28, according to the Investment Company Institute.

A selloff in institutional money funds during the week drove assets downward, in spite of slight upturn in retail fund assets.

Institutional money fund portfolios lost $8.05 billion to end the week at $247 billion. Taxable accounts fell by $7.74 billion and tax-free accounts lost $307.4 million.

At the same time, retail funds increased by $509.9 million to finish the week with $561.14 billion. Assets in taxable retail funds rose by $722.4 million, while tax-exempt fund assets decreased by $212.5 million.

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