Money fund assets rose by $3.7 billion to $2.834 trillion in latest week
By APThursday, August 26, 2010
Money fund assets rose to $2.834T in latest week
NEW YORK — Total money market mutual fund assets rose by $3.7 billion to $2.834 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation’s retail money market mutual funds fell by $3.4 billion in the latest week to $966.47 billion.
Assets of taxable money market funds in the retail category fell by $1.65 billion to $759.64 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $1.75 billion to $206.83 billion.
Assets of institutional money market funds rose by $7.1 billion to $1.867 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $10.94 billion to $1.735 trillion; assets of institutional tax-exempt funds fell by $850 million to $131.62 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 43 days, up from 42 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 dipped to 0.19 percent in the week ended Wednesday from 0.2 percent in the previous week.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts fell to 0.12 percent from 0.13 percent a week ago.
Bankrate.com said the annual percentage yield was 0.36 percent on six-month certificates of deposit, down from 0.37 percent the previous week. Yields were 0.63 percent on 1-year CDs, down from 0.67 percent; 0.97 percent on 2 1/2-year CDs, down from 1.02 percent; and 1.81 percent on 5-year CDs, down from 1.88 percent.
