Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios

The divergence between professional money managers and retail investors continued this week, as the pros again flocked to cash at a record pace.

What happened: Data from the Investment Company Institute shows institutional asset managers moved $163 billion into money market funds in the week ending April 1, the second-largest move to cash ever recorded, dating back to January 2007.

  • Retail investors, on the other hand, went to cash at a much lower rate, allocating just $13 billion to money market funds, which barely registered among the 50 largest weekly inflows.

Why it matters: The contrast suggests sophisticated investors remain extremely cautious about the outlook for investment and are still seeking the ultimate safe haven, while retail investors are less bearish.

Flashback: Last week, data showed that investment pros were retreating from risky assets while so-called mom and pop investors bought the dip.

The big picture: A record $4.4 trillion is now held in money market funds. That's nearly $500 billion more than the peak level seen during the 2007–2009 global financial crisis.

Go deeper: Money market funds see largest inflows in history for second straight week

Go deeper

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 20,014,574 — Total deaths: 734,755 — Total recoveries — 12,222,744Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 5,089,416 — Total deaths: 163,425 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."