Money fund assets rise to $2.742T in latest week

AP News
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Posted: Jun 09, 2011 5:32 PM
Money fund assets rise to $2.742T in latest week

Total money market mutual fund assets rose $15.88 billion to $2.742 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose $5.06 billion in the latest week to $913.28 billion.

Assets of taxable money market funds in the retail category rose $3.48 billion to $715.45 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose $1.59 billion to $197.83 billion.

Assets of institutional money market funds rose $10.81 billion to $1.829 trillion for the same period. Among institutional funds, taxable money market fund assets rose $11.55 billion to $1.718 trillion; assets of tax-exempt funds fell $740 million to $110.44 billion.

The seven-day average yield on money market mutual funds remained unchanged in the week ended Tuesday from the previous week at 0.02 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also unchanged from the previous week at 0.02 percent.

The seven-day compounded yield remained at 0.02 percent, while the 30-day compounded yield also remained unchanged at 0.02 percent, Money Fund Report said. The average maturity of the portfolios held by money funds fell to 44 days from 45 days the week before.

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 was unchanged from the week ended Wednesday at 0.17 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking remained at 0.07 percent, unchanged from the week before.

Bankrate.com said the annual percentage yield on six-month certificates of deposit remained unchanged at 0.27 percent from the week before. Yields remained at 0.45 percent on one-year CDs, rose to 0.72 percent from 0.71 percent on 2 1/2-year CDs and remained unchanged at 1.69 percent on five-year CDs.