Assets of the nation's money market mutual funds decreased by about $580 million in the latest week, the Investment Company Institute reported.

Money fund assets fell to $851.39 billion, from $851.97 billion in the week ended Aug. 14, the institute said. Retail money market funds increased by $1.80 billion, to $587.80 billion; institutional money market funds decreased by $2.39 billion, to $263.59 billion.

The decline in money fund assets occurred as the average seven-day compound yield of taxable money-market funds fell to 4.91% from 4.99%, according to IBC's Money Fund Report.

- Bloomberg Business News

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