Assets of Mutual Funds Increase
NEW YORK (AP) _ Assets of the nation’s retail money market mutual funds shot up by $12.83 billion in the latest week to $885 billion, the Investment Company Institute said Thursday.
Assets of taxable money market funds in the retail category rose by $10.87 billion to $733.35 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $1.96 billion to $151.64 billion.
Assets of institutional money market funds rose by $7.94 billion to $593.47 billion for the same period. Among institutional funds, taxable money market fund assets rose by $7.29 billion to $544.46 billion; assets of tax-exempt funds rose by $650.6 million to $49.01 billion.
Total money market assets stood at $1.478 trillion for the week.
Assets for the previous week were revised to $1.458 trillion to reflect reporting errors and a change in the number of funds reporting.
The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 4.50 percent from 4.47 percent the previous week, said IBC’s Money Fund Report, a trade journal published in Ashland, Mass., by IBC Financial Data Inc. The 30-day average yield rose to 4.46 percent from 4.44 percent, IBC Financial Data said.
The seven-day compounded yield rose to 4.60 percent from 4.57 percent the previous week, and the 30-day compounded yield rose to 4.56 percent from 4.53 percent, IBC Financial Data said.
The average maturity of the portfolios held by money funds was 57 days, down from 58 days, IBC Financial Data 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 was 2.04 percent as of Wednesday, unchanged from a week earlier.
The North Palm Beach, Fla.-based unit of Intelligent Life Corp. said the annual percentage yield available on interest-bearing checking accounts held steady at 0.85 percent.
Bankrate.com said the annual percentage yield was 4.25 percent on six-month certificates of deposit, up from 4.23 percent the previous week. Yields were 4.57 percent on 1-year CDs, up from 4.56 percent; 4.85 percent on 2 1/2-year CDs, up from 4.83 percent; and 5.04 percent on 5-year CDs, up from 5.00 percent.