Assets of money market mutual funds rose 0.7% to $590.18 billion in the week that ended June 8, the Investment Company Institute reported.

Heavy inflows to money market funds for institutional investors accounted for most of the $4.09 billion gain.

Institutional funds held $170.27 billion, a gain of $3.01 billion in the week. Of the total, $147.80 billion was a taxable funds, up $1.97 billion in the week, while $22.48 billion was in tax-exempt funds, up $1.03 billion.

Retail funds grew to $419.9 billion, a gain of $1.08 billion. The increase was concentrated in tax-exempt fund assets, which increased $1.14 billion to $93.55 billion. Taxable retail assets edged down $61.1 million, to $236.35 billion.

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