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Shows & Panels
Money market fund assets fall $52.3 billion
Thursday - 10/17/2013, 4:53pm EDT
NEW YORK (AP) - Total U.S. money market mutual fund assets fell $52.3 billion to $2.613 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation's retail money market mutual funds rose $890 million to $936.66 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $550 million to $742 billion. Tax-exempt retail fund assets rose $340 million to $194.67 billion.
Assets in institutional money market funds fell $53.19 billion to $1.68 trillion. Among institutional funds, taxable money market fund assets fell $52.8 billion to $1.606 trillion. Assets of tax-exempt funds fell $400 million to $71.03 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 fell to 46 days from 48 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 rose to 0.12 percent from 0.10 percent the week before.
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, unchanged at 0.37 percent on two-year CDs and unchanged at 0.79 percent for five-year yields.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)