Money Market Fund Assets Rise
Jul. 09, 1998
NEW YORK (AP) _ Assets of the nation's 593 retail money market mutual funds increased by $8.96 billion to $729.49 billion, the Investment Company Institute said Thursday.
Assets of the 335 taxable money market funds in the retail category grew by 5.49 billion to $593.10 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 258 tax-exempt fund assets increased by $3.48 billion to $136.39 billion.
Assets of the 437 institutional money market funds increased by $12.12 billion to $475.15 billion for the same period. Among institutional funds, the 359 taxable money market fund assets grew by $11.09 billion to $429.91 billion; assets of the 78 tax-exempt funds grew by $1.02 billion to $45.23 billion.
Total money market assets stood at $1.205 trillion for the week.
Assets for the previous week were revised to $1.183 trillion to reflect reporting errors and a change in the number of funds reporting.
The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 5.02 percent from 5.04 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 held at 5.01 percent, IBC Financial Data said.
The seven-day compounded yield fell to 5.14 percent from 5.16 percent the previous week, and the 30-day compounded yield was unchanged at 5.14 percent from the previous week, IBC Financial Data said.
The average maturity of the portfolios held by money funds was 57 days, down from 58 days a week earlier, IBC Financial Data said.
The newsletter Bank Rate Monitor 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 as of Wednesday rose to 2.52 percent, up from 2.51 percent a week earlier.
The North Palm Beach, Fla.-based newsletter said the annual percentage yield available on interest-bearing checking accounts remained at 1.19 percent from a week earlier.
Bank Rate Monitor said the annual percentage yield remained unchanged at 4.65 percent from the previous week on six-month certificates of deposit. Yields were 4.95 percent on 1-year CDs; 5.08 percent on 2 1/2-year CDs; and 5.24 percent on 5-year CDs, all unchanged.