Mutual funds saw their combined assets increase in October to $7.15 trillion from a revised $6.94 trillion in the previous month (See ICI: Mutual Funds Wring Out 0.8% July Asset Gain ) on improvement from stock and hybrid funds. Stock funds gathered $212.8 billion in net new assets for the month, an increase of 6.6%, followed by the $15.4-billion pickup for hybrid funds, gaining 4% for the month, according to data from the Investment Company Institute (ICI).
Other than tax-free money market funds, which were up a miniscule 0.2% for the month, the remaining index performance was on the negative side. Leading the descent were taxable money market funds, with a $22 billion (-1.2%) outflow. Additionally, decreases in net new assets were recorded amongmunicipal bond funds – down $2.7 billion (-0.8%)– andtaxable bond funds – off by $1.3 billion (-0.1%).