A push by institutional investors toward cash helped the total amount of money market mutual funds climb by $1.62 billion to reach $3.579 trillion for the week ending Aug. 27, the Investment Company Institute said.

Institutional investors poured $8.13 billion into money funds for the week, reaching $2.411 trillion in total assets. Among institutional funds, taxable money fund assets surged $9.01 billion to $2.226 trillion, while tax-exempt funds fell by $880 million to $185.7 billion.

Total retail money fund assets fell $6.51 billion to $1.168 trillion during the same period. Among retail funds, taxable money funds fell by $4.54 billion to $912.58 billion, while tax-exempt fund assets fell by $1.97 billion to $255.04 billion.

The seven-day average yield for money funds fell from 0.07% to 0.06% for the week ending Aug. 26, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.08% to 0.07%.

The seven-day compounded yield matched the average yield, falling from 0.07% to 0.06% for the week, as did the 30-day compounded yield, which dropped from 0.08% to 0.07%.

The average maturity of money fund portfolios fell from 53 days to 52 days, the report said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.