Assets of the nation’s retail money market mutual funds rose by $11.41 billion to $930.85 billion, while assets of institutional money market funds fell $77.25 billion to $1.637 trillion, the Washington-based mutual fund trade group said Thursday.
Assets of taxable money market funds in the retail category rose $8.58 billion to $732.61 billion. Tax-exempt fund assets rose $2.83 billion to $198.25 billion. Among institutional funds, taxable money market fund assets fell $77.67 billion to $1.532 trillion; assets of tax-exempt funds rose $420 million to $105.03 billion.
The seven-day average yield on money market mutual funds was 0.02 percent in the week that ended Tuesday, up from 0.01 percent in the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield remained unchanged at 0.01 percent from the previous week.
The seven-day compounded yield rose to 0.02 percent from 0.01 percent in the previous week, while the 30-day compounded yield remained unchanged at 0.01 percent from the previous week, Money Fund Report said. The average maturity of the portfolios held by money market mutual funds fell to 38 days from 39 days in the previous week.
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 remained unchanged at 0.16 percent in the week ended Wednesday.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking was 0.07 percent, unchanged.Source: Official Wire