Money fund assets fall to $2.657 trillion

[February 10, 2012]  NEW YORK (AP) -- Total U.S. money market mutual fund assets fell $820 million to $2.657 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $1.06 billion to $925.48 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $1.35 billion to $730.23 billion. Tax-exempt retail fund assets rose $290 million to $195.26 billion.

Meanwhile, assets of institutional money market funds rose $240 million to $1.731 trillion. Among institutional funds, taxable money market fund assets rose $590 million to $1.635 trillion; assets of tax-exempt funds fell $350 million to $95.91 billion.

The seven-day average yield on money market mutual funds rose to 0.03 percent in the week that ended Tuesday, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. It was at 0.02 percent in the previous week.

The 30-day average yield was unchanged at 0.02 percent. The seven-day compounded yield rose to 0.03 percent from 0.02 percent. The 30-day compounded yield was flat at 0.02 percent, Money Fund Report said.

The average maturity of the portfolios held by money market mutual funds rose to 45 days from 44 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 0.13 percent from the previous week.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking was unchanged from the week before at 0.06 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. Yield was also unchanged at 0.34 percent on one-year CDs; unchanged at 0.52 percent on 2 1/2-year CDs; but it was 1.16 percent on five-year CDs, versus 1.15 percent the prior week.

[Associated Press]

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