Total money market mutual fund assets continued their climb last week, in spite of a selloff of both taxable and tax-free institutional funds.
For the week ended Aug. 9, total money market fund assets stood at $730.46 billion, a $1.6 billion increase from the previous week, according to figures compiled by the Investment Company Institute, the fund industry's trade group.
Assets in the nation's 693 retail money market funds increased by $2.7 billion, to finish the week at $512.05 billion. Taxable money market funds held $411.18 billion, while tax-exempt funds held $100.86 million.
However, assets of the 300 institutional money market funds fell off by $1.13 billion during the week, to $218.41 million. The 237 taxable institutional funds fell by $760.6 million to finish the week at $193.43 billion.
And assets in the 63 tax-exempt funds fell by $372.1 million to $25.07 billion.