Money fund assets fall to $2.659 trillion

[February 17, 2012]  NEW YORK (AP) -- Total U.S. money market mutual fund assets rose $2.86 billion to $2.659 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $5.04 billion to $920.44 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $3.79 billion to $726.44 billion. Tax-exempt retail fund assets fell $1.26 billion to $194 billion.

Meanwhile, assets of institutional money market funds rose $7.90 billion to $1.739 trillion. Among institutional funds, taxable money market fund assets rose $7.97 billion to $1.643 trillion; assets of tax-exempt funds fell $70 million to $95.84 billion.

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

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

The average maturity of the portfolios held by money market mutual funds rose to 46 days from 45 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. The yield rose to 0.35 from 0.34 percent on one-year CDs; and rose to 0.53 percent from 0.52 percent on 2 1/2-year CDs; and it was 1.15 percent on five-year CDs, versus 1.16 percent the prior week.

[Associated Press]

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