Assets in money-market funds touch new $5.2 trillion record, ICI says

Investors hunting for yield in cash-like investments poured another $66 billion into money-market funds this week, bringing total assets to a record $5.2 trillion, according to the Investment Company Institute.

The bulk of the weekly inflows, at $71 billion, went into government funds, which invest in cash, Treasury securities and government-backed debt, according to the weekly ICI data through March 29. Heavy inflows to money-market funds have been in major focus in March after a run on deposits hastened the collapse of Silicon Valley Bank and Signature Bank and raised concerns about the stability of the U.S. banking system.

Read: The first wave of deposit outflows is nearly over. A second wave has already started, this strategist says.

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