Money fund assets fell to $3.320T in latest week

AP News
Posted: Dec 10, 2009 5:33 PM

Total money market mutual fund assets fell $360 million to $3.320 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $5.91 billion in the latest week to $1.073 trillion.

Assets of taxable money market funds in the retail category fell $5.17 billion to $836.93 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell $740 million to $236.20 billion.

Assets of institutional money market funds rose $5.55 billion to $2.247 trillion for the same period. Among institutional funds, taxable money market fund assets rose $7.61 billion to $2.079 trillion; assets of institutional tax-exempt funds fell $1.31 billion to $168.79 billion.

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

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

The average maturity of the portfolios held by money funds was 50 days, down from 51 days, said Money Fund.

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 fell to 0.25 percent as of Wednesday from 0.27 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. said the annual percentage yield was 0.52 percent on six-month certificates of deposit, down from 0.53 percent the previous week. Yields were 0.83 percent on 1-year CDs, unchanged from the prior week; 1.27 percent on 2 1/2-year CDs, down from 1.28 percent; and 2.08 percent on 5-year CDs, down from 2.17 percent.