Money fund assets fell to $3.330T in latest week

AP News
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Posted: Nov 25, 2009 5:51 PM

Total money market mutual fund assets fell $7.82 billion to $3.330 trillion for the week, the Investment Company Institute said Wednesday.

Assets of the nation's retail money market mutual funds fell $5.39 billion in the latest week to $1.082 trillion.

Assets of taxable money market funds in the retail category fell $3.8 billion to $845.7 billion for the week ended Tuesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell $1.59 billion to $236.72 billion.

Assets of institutional money market funds fell $2.43 billion to $2.247 trillion for the same period. Among institutional funds, taxable money market fund assets fell $2.9 billion to $2.078 trillion; assets of institutional tax-exempt funds rose $470 million to $169.64 billion.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 0.03 percent from 0.04 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was flat at 0.04 percent, according to Money Fund Report.

The seven-day compounded yield fell to 0.03 percent from 0.04 percent the previous week. The 30-day compounded yield was unchanged from the previous week at 0.04 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 53 days, unchanged from last week, said Money Fund.

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 fell to 0.28 percent as of Wednesday from 0.31 percent week earlier.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.12 percent.

Bankrate.com said the annual percentage yield was 0.55 percent on six-month certificates of deposit, down from 0.56 the previous week. Yields were 0.87 percent on 1-year CDs, down from 0.88 percent; down to 1.32 percent from 1.33 percent on 2 1/2-year CDs; and down to 2.18 percent on 5-year CDs, down from 2.19 percent.