Reserve to liquidate more money market funds

Oct 9, 2008 @ 6:02 pm

By Sue Asci

The Reserve Management Co. Inc. of New York announced yesterday the liquidation of 15 money market mutual funds.

The boards of the Reserve Municipal Money Market Trust, Reserve Municipal Money Market Trust II and Reserve New York Municipal Money Market Trust announced that it voted Wednesday evening to liquidate the assets of the series of trusts which include 14 municipal money market mutual funds.

In addition, the board of trustees of the Reserve Short Term Investment Trust voted to liquidate the assets of the Reserve Yield Plus Fund.

The move means that the majority of The Reserve’s money market funds are being liquidated.

The funds cannot estimate when distributions to investors will be made, according to a statement released by The Reserve.

“The funds will liquidate assets as soon as they can,” the statement noted.

Investors will be kept informed as developments occur. The Reserve will continue to post holdings and maturity dates of the funds on its website.

This is the second announcement by The Reserve about the liquidation of some of its money market mutual funds. Last week, The Reserve announced the liquidation of the Primary Fund (RPRXX) and the U.S. Government Fund (RUGXX).

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

How interest rates have affected different types of insurance

Social media and engagement editor Scott Kleinberg and reporter Greg Iacurci discuss a common theme in this week's popular insurance stories.

Latest news & opinion

Joe Duran has a game plan, and anyone can play

The CEO of United Capital built a formula for holistic financial planning that any firm can tap into — for a price.

LPL video about private equity looks like a swipe at Cetera

Recruiting video warns about potential consequences for advisers when a PE firm buys a broker-dealer.

Ladenburg chairman Phillip Frost steps down

The SEC charged Frost with fraud earlier this month.

Envestnet Tamarac partners with Schwab, TD on digital account openings

Auto-filling documents designed to make onboarding more efficient for RIAs and more convenient for clients.

Wells Fargo plans to cut staff up to 10% within next three years

Bank is struggling to cut spending amid regulatory fines and higher legal costs stemming from scandals.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print