Money fund assets fell to $3.4T in latest week

Total money market mutual fund assets fell by $169 billion to $3.413 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose by $4.28 billion in the latest week to $1.24 trillion.

Assets of taxable money market funds in the retail category rose by $5.97 billion to $935.92 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $1.69 billion to $304.51 billion.

Assets of institutional money market funds fell by $173 billion to $2.172 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $165 billion to $1.978 trillion; assets of tax-exempt funds fell by $8.24 billion to $193.90 billion.

The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 1.91 percent from 1.88 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield rose to 1.88 percent from 1.87 percent, according to Money Fund Report.

The seven-day compounded yield rose to 1.93 percent from 1.90 percent the previous week, and the 30-day compounded yield rose to 1.90 percent from 1.89 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 46 days, up from 45 days, said Money Fund.

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 at 0.70 percent as of Wednesday from the previous week.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts remained flat at 0.21 percent.

Bankrate.com said the annual percentage yield was 2.09 percent on six-month certificates of deposit, up from 2.05 percent the previous week. Yields were 2.47 percent on 1-year CDs, up from 2.46 percent; 2.58 percent on 2½-year CDs, down from 2.60 percent; and 3.55 percent on 5-year CDs, down from 3.56 percent.