Money fund assets fell to $3.647T in latest week

updated 6:55 p.m. ET July 16, 2009

NEW YORK - Total money market mutual fund assets fell by $21.13 billion to $3.647 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell by $5.75 billion in the latest week to $1.212 trillion.

Assets of taxable money market funds in the retail category fell by $2.91 billion to $948.37 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $2.84 billion to $263.76 billion.

Assets of institutional money market funds fell by $15.38 billion to $2.435 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $12.97 billion to $2.250 trillion; assets of institutional tax-exempt funds fell by $2.41 billion to $184.73 billion.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 0.10 percent from 0.12 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was unchanged from the previous week at 0.12 percent, according to Money Fund Report.

The seven-day compounded yield fell to 0.10 percent from 0.12 percent the previous week, and the 30-day compounded yield was unchanged at 0.12 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 52 days, up from 51 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 was unchanged Wednesday from the previous week at 0.37 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts rose to 0.14 percent from 0.13 percent.

Bankrate.com said the annual percentage yield was 0.79 percent on six-month certificates of deposit, down from 0.84 percent the previous week. Yields were 1.10 percent on 1-year CDs, down from 1.14 percent; 1.44 percent on 2 1/2-year CDs, unchanged from the previous week; and 2.15 percent on 5-year CDs, down from 2.18 percent.