Money market fund assets rise $35.92 billion

AP News
Posted: Sep 26, 2013 7:03 PM

NEW YORK (AP) — Total U.S. money market mutual fund assets increased $35.92 billion to $2.69 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual fund decreased by $1.38 billion to $930.75 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $550 million to $737.43 billion. Tax-exempt retail fund assets decreased $830 million to $193.32 billion.

Assets in institutional money market funds increased $37.29 billion to $1.76 trillion. Among institutional funds, taxable money market fund assets increased $37.60 billion to $1.69 trillion. Assets of tax-exempt funds decreased $310 million to $71.06 billion.

The 7-day average yield on money market mutual funds was unchanged at 0.01 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 7-day compounded yield was flat at 0.01 percent.

The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 percent, Money Fund Report said Wednesday.

The average maturity of portfolios held by money market mutual funds fell to 48 days from 49 days.

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 was unchanged from the week before at 0.10 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.05 percent. said the annual percentage yield on six-month certificates of deposit was unchanged at 0.14 percent, flat at 0.23 percent for one-year CDs, unchanged at 0.37 percent on two-year CDs and unchanged at 0.79 percent for five-year yields.