Money fund assets rose to $3.294T in latest week

AP News
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Posted: Dec 31, 2009 2:49 PM

Total money market mutual fund assets rose by $21.73 billion to $3.294 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell by $2.88 billion in the latest week to $1.068 trillion.

Assets of taxable money market funds in the retail category fell by $2.16 billion to $833.19 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $730 million to $235.09 billion.

Assets of institutional money market funds rose by $24.61 billion to $2.225 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $25.2 billion to $2.063 trillion; assets of institutional tax-exempt funds fell by $590 million to $161.83 billion.

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

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

The average maturity of the portfolios held by money funds was 47 days, down from 49 days, 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 0.23 percent as of Wednesday from 0.24 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 unchanged at 0.13 percent.

Bankrate.com said the annual percentage yield was 0.50 percent on six-month certificates of deposit, down from 0.51 percent the previous week. Yields were 0.82 percent on 1-year CDs, unchanged; 1.24 percent on 2 1/2-year CDs, unchanged; and flat at 2.10 percent on 5-year CDs.