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Money fund assets rise to $2.631 trillion

Money fund assets rise to $2.631 trillion

August 19th, 2011 in News

NEW YORK (AP) - Total U.S. money market mutual fund assets increased $10.21 billion to $2.631 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds grew $9.06 billion to $951.65 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $4.26 billion to $563.8 billion. Tax-exempt retail fund assets rose $430 million to $197.21 billion.

Meanwhile, assets of institutional money market funds rose $1.15 billion to $1.680 trillion. Among institutional funds, taxable money market fund assets rose $2.33 billion to $1.578 trillion; assets of tax-exempt funds fell $1.18 billion to $101.60 billion.

The seven-day average yield on money market mutual funds was 0.02 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield rose to 0.02 percent from 0.01 percent.

The seven-day compounded yield was also flat at 0.02 percent, while the 30-day compounded yield rose to 0.02 percent from 0.01 percent, Money Fund Report said.

The average maturity of the portfolios held by money market mutual funds rose to 41 days from 40 days.

The online service 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 fell to 0.15 percent in the week ended Wednesday, from 0.16 percent the previous week.

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. said the annual percentage yield on six-month certificates of deposit fell to 0.25 percent from 0.26 percent. Yields fell to 0.42 percent from 0.43 percent on one-year CDs, fell to 0.65 percent from 0.68 percent on 2 1/2-year CDs; and fell to 1.45 percent from 1.54 percent on five-year CDs.