Money fund assets rose by $3.53 billion to $2.822 trillion in latest week
By APThursday, August 12, 2010
Money fund assets rose to $2.822T in latest week
NEW YORK — Total money market mutual fund assets rose by $3.53 billion to $2.822 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation’s retail money market mutual funds fell by $5.88 billion in the latest week to $971.44 billion.
Assets of taxable money market funds in the retail category fell by $4.64 billion to $761.57 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $1.23 billion to $209.88 billion.
Assets of institutional money market funds rose by $9.41 billion to $1.851 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $11.98 billion to $1.718 trillion; assets of institutional tax-exempt funds fell by $2.57 billion to $132.28 billion.
The seven-day average yield on money market mutual funds in the week ended Tuesday was 0.04 percent, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also flat at 0.04 percent, according to Money Fund Report.
The seven-day and 30-day compounded yields were both unchanged at 0.04 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 41 days, up from 39 days, said Money Fund Report.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation’s 10 largest markets showed the annual percentage yield available on money market accounts was unchanged as of Wednesday from the week earlier at 0.2 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.13 percent.
Bankrate.com said the annual percentage yield was 0.37 percent on six-month certificates of deposit, down from 0.38 percent the previous week. Yields were 0.67 percent on 1-year CDs, up from 0.66 percent; 1.02 percent on 2 1/2-year CDs, down from 1.04 percent; and 1.88 percent on 5-year CDs, down from 1.93 percent.
