Money fund assets increased by $10.55 billion to $2.839 trillion in latest week

Thursday, September 9, 2010

Money fund assets rose to $2.839T in latest week

NEW YORK — Total money market mutual fund assets rose by $10.55 billion to $2.839 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation’s retail money market mutual funds rose by $3.07 billion in the latest week to $969.07 billion.

Assets of taxable money market funds in the retail category increased by $1.16 billion to $591.91 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose $1.53 billion to $206.98 billion.

Assets of institutional money market funds rose $7.48 billion to $1.869 trillion for the same period. Among institutional funds, taxable money market fund assets increased by $8.75 billion to $1.074 trillion; assets of institutional tax-exempt funds decreased by $890 million to $129.34 billion.

The seven-day average yield on money market mutual funds in the week ended Tuesday remained at 0.04 percent for the 12th week in a row, 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 remained 43 days.

The online service 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 0.20 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 dipped to 0.11 percent from 0.12 percent the week before. said the annual percentage yield held steady at 0.35 percent on six-month certificates of deposit. Yields were flat at 0.61 percent on 1-year CDs and 0.88 percent on 2 1/2-year CDs; and 1.71 percent on 5-year CDs, down slightly from 1.72 percent the week before.

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