NEW YORK (Reuters) - U.S. money market fund assets plummeted in the latest week due largely to a fund changing its status as a money fund to a short-term bond fund amid regulatory changes for the industry, the Money Fund Report said on Wednesday.
Last week, the Prudential Core Taxable Money Market Fund, which had $40.15 billion in assets, converted to the Prudential Ultra Short Bond Fund, it said.
This caused a $64.03 billion drop in overall money fund assets to $2.713 trillion in the week ended April 5.
Taxable money market fund assets decreased by $61.57 billion to $2.487 trillion, while tax-free assets decreased by $2.45 billion to $226.67 billion, according to the report, published by iMoneyNet.
The iMoneyNet Money Fund Average 7-Day Simple Yield for All Taxable money-market funds was unchanged at 0.11 percent.
The iMoneyNet Money Fund Average 7-Day Simple Yield for All Tax-Free and Municipal money-market funds increased to 0.04 percent from 0.02 percent the previous week.
Reporting by Richard Leong; Editing by Jonathan Oatis
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