Money market fund assets fell to $2.571 trillion

[August 31, 2012]  NEW YORK (AP) -- Total U.S. money market mutual fund assets fell $2.55 billion to $2.571 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $850 million to $886.86 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $290 million to $698.58 billion. Tax-exempt retail fund assets fell $1.13 billion to $188.28 billion.

Meanwhile, assets of institutional money market funds fell $1.70 billion to $1.684 trillion. Among institutional funds, taxable money market fund assets fell $80 million to $1.603 trillion. Assets of tax-exempt funds fell $1.62 billion to $81.48 billion.

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

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

The average maturity of portfolios held by money market mutual funds fell to 46 days from 47 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 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 was flat from the week before at 0.05 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit fell to 0.19 percent from 0.2 percent in the previous week. It was flat at 0.31 percent on one-year CDs and 0.48 on two-year CDs. It fell to 0.46 percent from 0.47 percent on two-and-a-half-year CDs and to 1.02 percent from 1.03 percent on five-year CDs.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.