Money fund assets shrink to $2.810T in latest week

NEW YORK — Total money market mutual fund assets shrank $3.25 billion to $2.810 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $6.42 billion to $935.80 billion. Assets of taxable money market funds in the retail category decreased $4.64 billion to $734.91 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets dropped $1.79 billion to $200.89 billion.

Assets of institutional money market funds increased $3.18 billion to $1.875 trillion for the same period. Among institutional funds, taxable money market fund assets rose $660 million to $1.750 trillion; assets of institutional tax-exempt funds increased $2.52 billion to $124.65 billion.

The seven-day average yield on taxable money market mutual funds in the week ended Tuesday was unchanged from the previous week at 0.03 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield remained flat at 0.03 percent, according to Money Fund Report.

The seven-day compounded yield also remained at 0.03 percent, while the 30-day compounded yield stayed at 0.03 percent, Money Fund Report said. The average maturity of the portfolios held by money funds dropped to 48 days from 49 days.

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 again unchanged from the previous week at 0.19 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.10 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.31 percent. Yields on one-year CDs remained at 0.51; rose to 0.71 percent from 0.70 percent on 2 1/2 year CDs; and stayed at 1.52 percent on five-year CDs.