INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS
OF MONEY MARKET MUTUAL FUNDS
WASHINGTON, Nov. 7 /PRNewswire/ -- Assets of the nation's 570 money market mutual funds increased by $5.10 billion to $469.23 billion for the week ended Wednesday, Nov. 6, the Investment Company Institute reported today.
The 209 institutional funds grew by $4.38 billion to $149.42 billion; the 270 general-purpose funds increased by $773.0 million to $173.51 billion; and the 91 broker-dealer funds decreased by $59.4 million to $146.30 billion.
"The lowering of the discount rate by the Federal Reserve and the ensuing sharp decline in short term rates on a variety of direct money market instruments triggered a massive flow of monies into money market funds," said Dr. Jacob Dreyer, vice president and chief economist of the institute. "Institutional funds, being much more sensitive to changes in interest rate differentials, were by far the main beneficiaries of the resulting increase in assets".
Assets of money market mutual funds for the week ended Wednesday, Oct. 30, were revised to $464.13 billion and the decrease for that week was revised to $2.62 billion. The revisions reflect a change in the number of funds reporting.
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 limited maturity municipal bond funds, (2) money market funds, and (3) all funds other than short-term funds -- such as stock, income, corporate bond and municipal bond funds.
/CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO TW -- DC025 -- 2396 11/07/91 16:43 EST