Money fund assets rise to $2.645 trillion

NEW YORK (AP) ? Total U.S. money market mutual fund assets rose $6.41 billion to $2.645 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation’s retail money market mutual funds fell $1.30 billion to $932.31 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $880 million to $739.49 billion. Tax-exempt retail fund assets fell $420 million to $192.82 billion.

Meanwhile, assets of institutional money market funds rose $7.70 billion to $1.713 trillion. Among institutional funds, taxable money market fund assets rose $6.86 billion to $1.618 trillion; assets of tax-exempt funds rose $840 million to $94.59 billion.

The seven-day average yield on money market mutual funds was 0.02 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield was also unchanged at 0.02 percent.

The seven-day compounded yield was flat at 0.02 percent, as was the 30-day compounded yield at 0.02 percent, Money Fund Report said.

The average maturity of the portfolios held by money market mutual funds rose to 43 days from 42 days in the previous 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 previous week at 0.14 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking was unchanged from the week before at 0.06 percent said the annual percentage yield on six-month certificates of deposit was unchanged at 0.22 percent. Yield was unchanged at 0.35 percent on one-year CDs, flat at 0.56 percent on 2 1/2-year CDs; and unchanged at 1.19 percent on five-year CDs.