Money fund assets fall to $2.751T in latest week

AP News
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Posted: Feb 24, 2011 5:35 PM
Money fund assets fall to $2.751T in latest week

Total money market mutual fund assets decreased $5.14 billion to $2.751 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds decreased $2.27 billion to $929.73 billion. Assets of taxable money market funds in the retail category decreased $1.68 billion to $725.24 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets decreased by $590 million to $204.49 billion.

Assets of institutional money market funds decreased by $2.87 billion to $1.821 trillion for the same period. Among institutional funds, taxable money market fund assets decreased by $1.61 billion to $1.702 trillion; assets of institutional tax-exempt funds decreased by $1.26 billion to $118.94 billion.

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

The seven-day compounded yield also remained at 0.03 percent, while the 30-day compounded yield stayed at 0.03 percent, Money Fund Report said. The average maturity of the portfolios held by money funds was 46 days, down from 47 days last week.

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 0.18 percent from 0.19 percent the week before.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts remained at 0.09 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit remained at 0.30 percent, unchanged from the week before. Yields on one-year CDs were flat at 0.48 percent; unchanged at 0.75 percent on 2 1/2 year CDs; and at 1.72 percent on five-year CDs, up from 1.62 percent in the previous week.