Assets in money market funds continued their steady climb last week, fueled by gains in both retail and institutional portfolios.
As of Aug 16, money market funds in the United States held $733.26 billion, a jump of almost $3 billion from the previous week and another all-time record, according to the Investment Company Institute, the Washington-based trade group of the fund industry.
This gain was fueled by weekly inflows into both retail and institutional funds.
Assets in retail money market funds increased by $2.43 million during the week to reach $514.37 billion. Taxable retail funds rose by $2.36 million to $413.43 billion, and tax-free retail portfolios increased by $73.7 million to $100.94 billion.
Assets in institutional funds' retail money market funds increased by $474.6 million last week to reach $218.89 billion. Taxable institutional funds gained $224.8 million during the week to reach $193.57 billion, while tax-free funds gained $249.8 million to reach $25.32 billion.