Money fund assets fell to $2.732T in latest week

AP News
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Posted: Mar 24, 2011 5:26 PM
Money fund assets fell to $2.732T in latest week

Total money market mutual fund assets fell by $7.84 billion to $2.732 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose $1.42 billion in the latest week to $934.65 billion.

Assets of taxable money market funds in the retail category rose $2.03 billion to $730.49 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $610 million to $204.16 billion.

Assets of institutional money market funds fell $9.26 billion to $1.797 trillion for the same period. Among institutional funds, taxable money market fund assets fell $8.14 billion to $1.68 trillion; assets of tax-exempt funds fell $1.11 billion to $117.31 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 remained at 45 days.

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 remained unchanged from the week before, as of Wednesday, 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 unchanged at 0.09 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit fell to 0.29 percent from 0.30 percent the week before. Yields on one-year CDs fell to 0.47 percent from 0.48 percent the previous week; remained unchanged at 0.74 percent on 2 1/2-year CDs; and were unchanged at 1.71 percent on five-year CDs.