Assets of money market mutual funds rose to $600.12 billion in the week that ended May 18, the Investment Company Institute reported.

That's $4 billion above the previous week's $596.02 billion.

Retail fund assets rose by $2.24 billion, to $425.17 billion. Gains were reported across the board: taxable funds increased $2.19 billion, to $331.74, and tax-exempt funds picked up $51.3 million, to $93.43 billion.

Assets of money market funds for institutional investors postedgains in the week, rising $1.86 billion to $174.96 billion.

Banks manage more than 20% of the assets in money market funds, according to data compiled for the American Banker by Lipper Analytical Services, Summit, NJ.

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