Money fund assets fell by $30.24 billion to $2.563 trillion in most recent week

NEW YORK, N.Y. – Total U.S. money market mutual fund assets fell $30.24 billion to $2.563 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets of the nation’s retail money market mutual funds fell $7.91 billion to $890.15 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $5.68 billion to $703.72 billion. Tax-exempt retail fund assets fell $2.23 billion to $186.43 billion.

Meanwhile assets of institutional money market funds fell $22.33 billion to $1.673 trillion. Among institutional funds, taxable money market fund assets fell $22.4 billion to $1.6 trillion. Assets of tax-exempt funds rose $70 million to $73.14 billion.

The 7-day average yield on money market mutual funds was unchanged from the previous week at 0.02 per cent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 7-day compounded yield, the 30-day yield and the 30-day compounded yield all remained at 0.02 per cent, Money Fund Report said Wednesday.

The average maturity of portfolios held by money market mutual funds was unchanged at 48 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 0.11 per cent from 0.12 per cent in the week before.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.05 per cent. said the annual percentage yield on six-month certificates of deposit were unchanged at 0.16 per cent. It was flat at 0.25 per cent on one-year CDs, flat at 0.39 per cent on two-year CDs and flat at 0.79 per cent on five-year CDs.