Retail money funds rose

Retail money funds rose

	Published : Fri, 19 Jan 2007 01:41 By : Agencies Print this Story

NEW YORK (AFX) - Assets of the nation's retail money market mutual funds rose by $4.29 billion in the latest week to $981.73 billion, the Investment Company Institute said Thursday.

Assets of taxable money market funds in the retail category rose by $3.70 billion to $752.46 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $594.1 million to $229.27 billion.

Assets of institutional money market funds fell by $15.94 billion to $1.397 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $18.83 billion to $1.252 trillion; assets of tax-exempt funds rose by $2.90 billion to $144.90 billion.

Total money market assets stood at $2.379 trillion for the week.

The seven-day average yield on money market mutual funds was unchanged from the previous week at 4.73 percent in the week ended Tuesday, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was unchanged at 4.74 percent, according to Money Fund Report.

The seven-day compounded yield was unchanged from the previous week at 4.84 percent, and the 30-day compounded yield was unchanged at 4.85 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was unchanged at 41 days, said Money Fund.

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 fell to 0.80 percent as of Wednesday from 0.84 percent a week earlier.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts fell to 0.29 percent from 0.30 percent.

Bankrate.com said the annual percentage yield was 3.56 percent on six-month certificates of deposit, down from 3.57 percent the previous week. Yields were 3.78 percent on 1-year CDs, up from 3.77 percent; 3.81 percent on 2 1/2-year CDs, up from 3.79 percent; and 4.02 percent on 5-year CDs, down from 4.07 percent.