Money fund assets decrease $4.18 billion to $2.715 trillion for the week

NEW YORK, N.Y. – Total U.S. money market mutual fund assets fell $4.18 billion to $2.715 trillion for the eight-day period that ended Wednesday, according to the Investment Company Institute.

Assets in the nation’s retail money market mutual funds rose $2.09 billion to $931.32 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $190 million to $732.9 billion. Tax-exempt retail fund assets rose $1.90 billion to $198.44 billion.

Assets in institutional money market funds fell $6.26 billion to $1.783 trillion. Among institutional funds, taxable money market fund assets decreased $7.49 billion to $1.708 trillion. Assets of tax-exempt funds rose $1.22 million to $75.65 billion.

The seven-day average yield on money market mutual funds was unchanged at 0.01 per cent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The seven-day compounded yield was flat at 0.01 per cent.

The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 per cent, Money Fund Report said Wednesday.

The average maturity of portfolios held by money market mutual funds was unchanged from the prior week at 47 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 was unchanged at 0.12 per cent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts remained steady at 0.05 per cent. said the annual percentage yield on six-month certificates of deposit edged up to 0.15 per cent from 0.14 per cent. One-year CD yields remained steady at 0.23 per cent and the yield on two-year CDs rose to 0.37 per cent from 0.36 per cent. The five-year yield rose to 0.79 per cent from 0.78 per cent.