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Article: Assets in money funds grow as yields climb; 2.2% growth shown so far in 2005.(News)
- Article from:
- Investment News
- Article date:
- October 31, 2005
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Byline: David Hoffman
NEW YORK - After years of outflows, interest in money market funds is growing.
Assets in money funds increased by 2.2%, or $42 billion, year-to-date through Oct. 18, according to Peter Crane, vice president and managing editor at iMoneyNet Inc., a money fund research firm in Westborough, Mass.
Much of the renewed interest has to do with increasing yields, he said.
Average money fund yields were 3.3% on Oct. 18, Mr. Crane said. That's a big improvement over yields that were below 1% just a few years ago, he said.
And yields - which closely follow interest rates - are expected to continue to rise.