While flows to money market mutual funds increased at an alarming rate in the first quarter of the year (see MME “Money Funds Seeing Huge Inflows, Opportunities,” this week’s issue), assets fell by $34.53 billion in the week ended Tuesday, according to data from iMoneyNet’s Money Fund Report.

 

Of that figure, institutional investors accounted for $11.93 billion, and retail investors, $2.926 billion. Total assets in money market mutual funds now stands at $3.416 trillion.

 

But in the first quarter of the year, money market mutual funds have benefitted tremendously, and in the trailing 52 weeks, they have netted more than $1 trillion. As Peter Crane, president and CEO of Crane Data, tells MME, "The credit crisis has been good for money market funds. Investors have looked at this as the only place to go."

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