Money Funds See First Inflows in a Month

Tax-exempt money market funds managed to attract inflows for the first time in nearly a month, adding a modest $244.5 million for the week ended Sept. 6 to finish with $338.1 billion in total net assets, according to the Money Fund Report, a service of iMoneyNet.com.

The inflows came on the heels of $2.84 billion of losses last week that caused the funds to settle at $337.9 billion.

The last time tax-exempt funds posted inflows was in the week ended Aug. 9 when they had a cash infusion of $941.5 million and settled at $346.3 billion, according to the report.

This week, the iMoneyNet average seven-day simple yield for the 492 tax-exempt funds dipped by one basis point to 0.03% from the previous period, while the average maturity rose to 33 days from 30 days.

Among the 1,145 taxable money funds reporting this week, the arrival of $681.1 million of inflows caused the funds to settle at $2.467 trillion.

Last week, funds saw $1.13 billion of outflows and ended at $2.466 trillion.

The seven-day yield for the taxable funds remained at 0.04% for the 12th week straight.

Overall, the combined assets of the 1,637 money funds in the report grew by $925.6 million in the week ended Sept. 7 to finish with total assets of $2.806 trillion.

Last week, the combined assets settled at $2.804 trillion after funds lost $3.97 billion, according to the report.

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