Money fund assets fall to $2.751T in latest week

AP News
Posted: Mar 03, 2011 5:43 PM
Money fund assets fall to $2.751T in latest week

Total money market mutual fund assets increased by $560 million to $2.751 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds increased by $4.20 billion to $933.86 billion.

Assets of taxable money market funds in the retail category increased by $3.2 billion to $728.36 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets increased by $1.01 billion to $205.50 billion.

Assets of institutional money market mutual funds decreased by $3.64 billion to $1.817 trillion for the same period.

Among institutional funds, taxable money market fund assets decreased by $3.28 billion to $1.69 trillion; assets of institutional tax-exempt funds decreased by $360 million to $119.85 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 45 days, down from 46 days last week.

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 remained unchanged from the week before at 0.18 percent.

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. 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 1.71 percent on five-year CDs, down from 1.72 percent in the previous week.