Government money market funds drove the increase as retail and institutional assets both rose, while prime funds declined by $4.08 billion.
On Thursday, the Investment Company Institute reported that total money market fund assets rose by $436 million to $7.75 trillion for the week ending Wednesday, May 13.
Institutional money market fund assets increased by $159 million, reaching $4.66 trillion as these funds are sold primarily to institutional investors or accounts purchasing through employers or fiduciaries.
Retail money market funds increased by $277 million to $3.08 trillion, serving primarily the general public and employer-sponsored retirement plans and variable annuities.
Government money market funds grew by $3.25 billion while prime funds declined by $4.08 billion; tax-exempt funds increased by $1.27 billion during the week.
The ICI reports these weekly money market fund asset figures to the Federal Reserve using classifications based on language in fund prospectuses, enabling consistent market monitoring.