Money Fund Assets Rise by $2.38 Billion

Total money market mutual fund assets rose by $2.38 billion in the week ended Feb. 4, for a total of $3.906 trillion, the Investment Company Institute reported.

Retail money market fund assets, however, fell by $10 million to $1.352 trillion. In this category, taxable fund assets rose by $310 million to $1.055 trillion. Tax-exempt retail money fund assets fell by $320 million to $297 billion.

Institutional money market fund assets, meanwhile, rose by $2.39 billion to $2.554 trillion. Taxable institutional money fund assets rose by $2.54 billion to $2.365 trillion, while tax-exempt funds fell by $140 million to $189.71 billion.

Money market funds’ seven-day average yield fell to 43 basis points from 48 basis points the previous week, according to iMoneyNet. The yield on the nation’s 10 largest money market funds was slightly higher, however, at 53 basis points, according to Bankrate.com.