INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS
INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS
OF MONEY MARKET MUTUAL FUNDS
WASHINGTON, Nov. 21 /PRNewswire/ -- Assets of the nation's 573 money market mutual funds increased by $9.02 billion to $478.20 billion for the week ended Wednesday, Nov. 20, the Investment Company Institute reported today.
The 212 institutional funds grew by $6.84 billion to $157.48 billion; the 270 general-purpose funds rose by $1.72 billion to $174.44 billion; and the 91 broker-dealer funds increased by $460.0 million to $146.28 billion.
"Last week's increase in money market fund assets -- the largest since the first week of this year -- was mainly the result of institutional managers placing the proceeds from sales of equities into their money market accounts," said Dr. Jacob Dreyer, vice president and chief economist at the institute. "The flight of monies to the safety of money market funds was reinforced last week by further declines in yields on direct money market instruments which made the yields offered by money market funds relatively more attractive."
Assets of money market mutual funds for the week ended Wednesday, Nov. 13, were revised to $469.18 billion and the decrease for that week was revised to $607.3 million. 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 -- DC029 -- 6087 11/21/91 16:58 EST