Money fund assets rose in latest week

Total money market mutual fund assets rose by $25.78 billion to $3.498 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell by $4.77 billion in the latest week to $1.233 trillion.

Assets of taxable money market funds in the retail category fell by $7.08 billion to $934.09 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $2.32 billion to $299.32 billion.

Assets of institutional money market funds rose by $30.54 billion to $2.265 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $24.51 billion to $2.061 trillion; assets of tax-exempt funds rose by $6.03 billion to $203.49 billion.

The seven-day average yield on money market mutual funds was unchanged at 1.95 percent in the week ended Tuesday from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 2.01 percent from 2.05 percent, according to Money Fund Report.

The seven-day compounded yield was unchanged at 1.97 percent from the previous week, while the 30-day compounded yield rose to 2.03 percent from 2.08 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 46 days, unchanged from last week, Money Fund said.

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 0.74 percent as of Wednesday from 0.66 percent week earlier.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts rose to 0.23 percent from 0.21 percent.

Bankrate.com said the annual percentage yield was 1.86 percent on six-month certificates of deposit, up from 1.85 percent the previous week. Yields were 2.05 percent on one-year CDs, up from 2.00 percent; 2.17 percent on 2 1/2-year CDs, up from 2.13 percent; and 2.93 percent on five-year CDs, up from 2.83 percent.