Printer Friendly

INVESTMENT COMPANY INSTITUTE REPORTS WEEK END RESULTS

 WASHINGTON, July 1 /PRNewswire/ -- Assets of the nation's 640 retail money market mutual funds decreased by $6.01 billion to $382.90 billion for the week ended Wednesday June 30, the Investment Company Institute reported today. Assets of the 400 taxable money market funds in the retail category fell by $4.60 billion to $302.74 billion; the 240 tax- exempt funds assets decreased by $1.41 billion to $80.17 billion.
 Assets of the 268 institutional money market funds decreased by $8.05 billion to $180.88 billion for the same period. Among institutional funds, the 215 taxable money market fund assets declined by $7.40 billion to $160.90 billion; assets of the 53 tax exempt funds fell by $653.2 million to $19.98 billion.
 "Reshuffling of portfolios, characteristic for the end of the quarter, combined with a sudden half-a-percentage point run-up in the federal funds rate, drained a substantial amount of monies out of money market funds," said Dr. Jacob Dreyer, vice president and chief economist of the Institute. "Most of the outflow was experienced by institutional funds as money rushed into direct market instruments. Individual investors also lightened their positions in money market funds with some of the money most likely shifted into bond funds."
 Total money market mutual fund assets stood at $563.79 billion for the week ended Wednesday, June 30.
 Assets of money market mutual funds for the week ended Wednesday (6/23) were revised to $577.85 billion. The revisions are due to reporting errors.
 ICI reports the assets of money market funds to the Federal Reserve Board each week and makes this data available to the public on a weekly basis. The Institute also reports monthly on three broad categories of funds. They are (1) short-term funds which include tax-exempt money market funds, (2) taxable retail and institutional money market funds, and (3) all funds other than money market funds -- such as stock, income, corporate bond and municipal bond funds.
 -0- 7/1/93
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-955-3535/


CO: Investment Company Institute ST: District of Columbia IN: FIN SU:

LD -- NY105 -- 7998 07/01/93 19:10 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 1, 1993
Words:363
Previous Article:FORMER HCA PSYCHIATRIC COMPANY EXECUTIVE EDWARD A. STACK ANNOUNCES FORMATION OF BEHAVIORAL HEALTHCARE CORPORATION
Next Article:BANK OF AMERICA TO FORM RETAIL AND WHOLESALE DIVISIONS IN ASIA
Topics:


Related Articles
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
ICI REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters