Mutual funds saw their combined assets increase in December to $7.41 trillion from a revised $7.23 trillion in the previous month (See ICI: Mutual Fund Assets Higher in November ) on improvement from stock and hybrid funds.
Stock funds gathered $149 billion in net new assets for the month, an increase of 4.8%, followed by the $20-billion pickup for hybrid funds, gaining 4.9% for the month, according to data from the Investment Company Institute (ICI).
Taxable money market funds were down 0.9% for the month while tax-free money market funds, suffered a 1.3% giveback. Additionally, increases in net new assets were recorded among municipal bond funds (0.1%) and taxable bond funds – higher by 0.9%.
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