Money market mutual funds regained $15.45 billion in assets as institutional investors continued to seek safety in these products. Total money fund assets were at $3.789 trillion for the week ending May 27, according to the Investment Company Institute.
Assets of retail money market mutual funds fell $7.29 billion to $1.268 trillion. Among retail funds, taxable assets fell $5.92 billion to $994.74 billion and tax-exempt assets fell $1.37 billion to $273.49 billion.
Total assets of institutional money funds rose $22.74 billion to $2.521 trillion during the same period. Among institutional funds, taxable assets rose by $22.96 billion to $2.331 trillion, while tax-exempt assets fell $217 million to $190.04 billion.
The seven-day average yield on money market funds fell from 0.17% to 0.16% for the week ending May 26, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.19% to 0.18%.
The seven-day compounded yield also fell from 0.17% to 0.16% and the 30-day compounded yield fell from 0.19% to 0.18% during the same period. The average maturity of money fund portfolios fell from 52 days to 51 days.