Institutional and retail investors continue to seek safety in money market mutual funds, with total assets of money market mutual funds rising by $9.42 billion to $3.888 trillion for the week ending Feb. 25, according to the Investment Company Institute.
Taxable assets in retail money market funds rose $2.48 billion to $1.054 trillion, while tax-exempt assets fell by $2.17 billion to $289.76 billion. Total retail fund assets rose $1.09 billion to $1.344 trillion.
Institutional money market fund assets rose $8.33 billion to $2.545 trillion during the same period. Among institutional funds, taxable assets rose $8.4 billion to $2.356 trillion, while tax-exempt assets fell $63 million to $188.5 billion.
The seven-day average yield on money market funds fell from 0.37% to 0.33% for the week ending Feb. 24, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.43% to 0.39% during the same period.
The seven-day compounded yield also fell from 0.37% to 0.34%, while the 30-day compounded yield fell from 0.43% to 0.39%. The average maturity of money fund portfolios was 49 days, down from 50.