Posted at: 11/27/2013 3:05 PM
Money market fund assets rise $15.1 billion
(AP) NEW YORK - Total U.S. money market mutual fund assets rose by $15.1 billion to $2.678 trillion for the week that ended Tuesday, according to the Investment Company Institute.
Assets in the nation’s retail money market mutual funds fell by $360 million to $917.22 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell by $170 million to $726.33 billion. Tax-exempt retail fund assets fell $190 million to $190.90 billion.
Assets in institutional money market funds rose $15.46 billion to $1.761 trillion. Among institutional funds, taxable money market fund assets rose $16.12 billion to $1.689 trillion. Assets of tax-exempt funds fell $660 million to $72.25 billion.
The seven-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 seven-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 was unchanged at 49 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 was unchanged at 0.12 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.
Bankrate.com 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 and unchanged at 0.37 percent on two-year CDs. The five-year yield was unchanged at 0.79 percent.
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