Money Funds Up $1.7 Billion
Money Funds Up $1.7 Billion NEW YORK - Assets of the nation's 524 money market mutual funds rose $1.7 billion in the latest week to a record total of $408.76 billion, the Investment Company Institute said Thursday.
The rise in the seven-day period ended Wednesday, followed a revised $497.8 million increase in fund assets the previous week to a revised total of $407.04 billion, the Washington-based mutual fund trade group reported.
That puts this week's total just slightly ahead of the previous record of $408 billion set in the week ended Aug. 22, 1990.
The institute said that in the latest week, assets of 256 general purpose funds rose $1.05 billion to $144.85 billion; assets of 105 broker-dealer funds rose $40.9 million to $165.61 billion; and assets of 163 institutional funds rose $629.5 million to $98.30 billion.
The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 7.46 percent from 7.47 percent the previous week, said Donoghue's Money Fund Report, a trade journal based in Holliston, Mass.
The 30-day average yield fell to 7.47 percent from 7.48 percent, Donoghue's said.
The average maturity of the portfolios held by money funds was unchanged at 46 days, Donoghue's said.
The newsletter Bank Rate Monitor said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the effective annual yield available on money market accounts was 6.05 percent as of Wednesday, unchanged from a week earlier.
The North Palm Beach, Fla.-based newsletter said the effective annual yield available on special savings accounts, called Super NOW accounts, remained unchanged at 5.02 percent.
Bank Rate Monitor said the effective annual yield was 7.69 percent on six-month certificates of deposit, unchanged from the previous week. Yields were 7.83 percent on 1-year CDs, down from 7.84 percent; 7.92 percent on 2 1/2-year CDs, down from 7.93 percent; and 8.05 percent on 5-year CDs, unchanged.
Interpublic Bids for Lowe Group NEW YORK - Interpublic Group of Companies Inc., the giant advertising holding company, said Thursday it is offering to buy the 64.6 percent interest it does not own in the British-based ad company, The Lowe Group PLC. The deal would be worth about $165 million in cash and stock, and is the latest example of consolidation within the ad industry where industry moguls have been trying to anticipate client demands for global marketing capability.
It would give Interpublic its third international ad agency network while solidifying its ranking as the world's third largest ad holding company. It already owns the international ad networks McCann-Erickson Worldwide and Lintas:Worldwide. Those New York-based agencies have clients that include big advertisers such as Coca-Cola, General Motors, Nestle and Unilever. …