Money market fund assets increase by $20B

[September 13, 2013]  NEW YORK (AP) -- Total U.S. money market mutual fund assets increased $20 billion to $2.659 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual funds rose $690 million to $934.98 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $1.12 billion to $740.18 billion. Tax-exempt retail fund assets decreased $430 million to $194.8 billion.

Assets in institutional money market funds increased $19.31 billion to $1.724 trillion. Among institutional funds, taxable money market fund assets increased $20.35 billion to $1.652 trillion. Assets of tax-exempt funds decreased $1.04 billion to $72.02 billion.

The 7-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 7-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 increased to 48 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 from the week before at 0.10 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 fell to 0.14 percent from 0.15 percent. Rates on one-year CDs fell to 0.23 percent from 0.24 percent, and two-year yields were flat at 0.37 percent. Five-year yields edged up to 0.79 percent from 0.78 percent.

[Associated Press]

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