Retail money fund assets on the rise

Total money market mutual fund assets fell by $37.65 billion to $3.161 trillion for the week, the Investment Company Institute said Thursday. But assets of the nation's retail money market mutual funds rose by $2.73 billion in the latest week to $1.050 trillion. Assets of taxable money market funds in the retail category rose by $2.66 billion to $821.72 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose by $70 million to $228.39 billion. Assets of institutional money market funds fell by $40.38 billion to $2.111 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $41.04 billion to $1.958 trillion; assets of institutional tax-exempt funds rose by $660 million to $152.60 billion. The seven-day average yield on money market mutual funds in the week ended Tuesday was 0.02 percent, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was flat at 0.03 percent, according to Money Fund Report. The seven-day compounded yield was unchanged compared with the previous week at 0.02 percent, and the 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said. The average maturity of the portfolios held by money funds was unchanged at 48 days, said Money Fund. 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 0.23 percent as of Wednesday, unchanged from the week earlier. The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.13 percent. Bankrate.com said the annual percentage yield was 0.47 percent on six-month certificates of deposit, unchanged from the previous week. Yields were flat at 0.76 percent on 1-year CDs; 1.14 percent on 2 1/2-year CDs, down from 1.16 percent; and 2.10 percent on 5-year CDs, unchanged.