Money fund assets fell to $3.747T in latest week

Total money market mutual fund assets fell $16.33 billion to $3.747 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $16.43 billion in the latest week to $1.242 trillion.

Assets of taxable money market funds in the retail category fell $13.83 billion to $970.93 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell $2.6 billion to $271.08 billion.

Assets of institutional money market funds rose $100 million to $2.505 trillion for the same period. Among institutional funds, taxable money market fund assets rose $1.04 billion to $2.316 trillion; assets of institutional tax-exempt funds fell $950 million to $189.07 billion.

The seven-day average yield on money market mutual funds was 0.15 percent in the week ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 0.16 percent from 0.17 percent, according to Money Fund Report.

The seven-day compounded yield was 0.15 percent, unchanged from the previous week, and the 30-day compounded yield fell to 0.16 percent from 0.17 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 53 days, up from 51 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 rose to 0.39 percent as of Wednesday from 0.36 percent 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 unchanged from last week at 0.14 percent.

Bankrate.com said the annual percentage yield was 0.91 percent on six-month certificates of deposit, down from 0.92 percent the previous week. Yields were 1.17 percent on 1-year CDs, down from 1.20 percent; 1.32 percent on 2 1/2-year CDs, down from 1.34 percent; and 2.20 percent on 5-year CDs, unchanged from last week.