Assets invested in money market mutual funds grew 1.3%, to $649.62 billion, in the week that ended Feb. 22, the Investment Company Institute reported.

The gain, from $641.32 billion the preceding week, was fueled by an $8 billion inflow to taxable funds for both institutional and retail investors.

On the retail side, money funds rose $3.54 billion, to $458.48 billion. Taxable funds held $363.07 billion of the total, up $3.33 billion in the week. Tax-exempt funds had assets of $95.41 billion, up $211.5 million.

On the institutional side, money funds attracted $4.76 billion in the week, to close at $191.13 billion. That includes $167.63 billion in taxable funds, up $4.64 billion in the week, and $23.5 billion in tax-exempt funds, up $115.8 million.

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