Muni Money Funds Post $1.02B Outflow

Tax-exempt money market funds had $1.02 billion in outflows, cutting total net assets to $266.94 billion for the week ended Aug. 12, as losses resumed after the biggest inflow in more than a year the previous week.

Last week's gain of $3.84 billion was the largest since July 8, 2012, when the funds grew by $4.64 billion and total net assets soared to $274.7 billion, according to The Money Fund Report, a service of iMoneyNet.com. The inflows also surpassed the prior 2013 high set when the industry gained $3.60 billion in the week ended July 8 and total net assets settled at $267.96 billion.

The average seven-day simple yield for the 421 tax-exempt reporting money funds remained at 0.1%, while the average maturity was also unchanged at 34 days.

In the taxable arena, the total net assets of the 1,020 reporting money funds rose by $5.23 billion to $2.343 trillion in the week ended Aug. 13. The flows helped recapture most of the $2.74 billion lost the previous week, when total net assets dipped to $2.338 trillion.

The average, seven-day simple yield for the taxable money funds remained at 0.01%, while the average maturity was also steady at 48 days.

Combined assets of the 1,441 reporting money funds grew for the third consecutive week. New cash of $4.21 billion boosted assets to $2.610 trillion in the week ended Aug. 13. The previous week total net assets grew by $1.10 billion to $2.606 trillion.

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