Money market mutual fund assets rose $12.39 billion for the week ending Tuesday as investors regained confidence in the funds, according to the Money Fund Report, published by iMoneyNet Inc.
Approximately $9 billion of that came from institutional investors, while the remaining $3.39 billion came from individual retail investors. Taxable money fund assets also increased by $18.98 billion to $2.858 trillion.
For taxable funds, the average seven-day simple yield fell from 1.80% to 1.62% and the average seven-day compound yield fell from 1.82% to 1.63%. Thirty-day simple yields fell from 1.86% to 1.82%, and 30-day compound yields fell from 1.88% to 1.84%.
Tax-free funds lost $6.59 billion in assets, falling to $479.84 billion.
For non-taxable funds, the seven-day simple yield rose from 3.67% to 5.02% and the seven-day compound yield increased from 3.74% to 5.14%. The average 30-day simple yield rose from 1.86% to 2.72%, and the average 30-day compound yield also increased from 1.88% to 2.76%.