Money fund assets fall by $47.2 billion to $2.664 trillion for the week

NEW YORK, N.Y. – Total U.S. money market mutual fund assets fell by $49.17 billion to $2.664 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation’s retail money market mutual funds fell $2.5 billion to $920.12 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $2.3 billion to $725.33 billion. Tax-exempt retail fund assets fell by $210 million to $194.8 billion.

Assets in institutional money market funds fell $46.66 billion to $1.744 trillion. Among institutional funds, taxable money market fund assets fell $48.2 billion to $1.667 trillion. Assets of tax-exempt funds rose by $1.54 billion to $76.11 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 fell to 47 days from 48 days the prior week.

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 from the week before at 0.11 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 was unchanged from a week ago at 0.15 per cent. One-year CD yields were also flat at 0.23 per cent, and the yield on two-year CDs was unchanged at 0.37 per cent. The five-year yield fell to 0.80 per cent from 0.81 per cent.