Results for "money market funds"

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The Reserve Fund’s PR gaffe

October 29, 2008

Let me preface my column below, which was posted on Wednesday, Oct. 29, with an update posted on the Reserve website Thursday night. The fund company said it began an initial $26 billion distribution to Primary Fund shareholders Thursday by...

Fed bolsters money market funds

October 21, 2008

In another attempt at defrosting frozen credit conditions, the Federal Reserve today announced a financing program aimed at bolstering the struggling money market mutual fund industry. The new Fed program, called the Money Market Investor Funding...

Receiver sought for Reserve International fund

October 15, 2008

Shareholders have filed court papers asking the New York State Supreme Court to name a receiver for Reserve Management Co. Inc.’s International Liquidity Fund, in order to organize its liquidation. Caxton International Limited of the British...

Reserve to liquidate more money market funds

October 9, 2008

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...

Legg downgraded on money market funds

October 9, 2008

Moody's Investors Service announced yesterday that it has downgraded Legg Mason Inc.'s senior debt rating to A3, from A2. Baltimore-based Legg suffered $650 million in after-tax losses related to money market fund support over the past year,...

Putnam joins money market guaranty program

October 1, 2008

Putnam Investments of Boston today announced it plans to participate in the U.S. Treasury’s money market guaranty program. On Sept. 19, the U.S. Treasury announced a temporary guaranty program for publicly offered money market mutual funds....

Ameriprise resists bailout of subsidiary clients

September 26, 2008

Ameriprise Financial Inc. has no immediate plans to bail out clients of advisers of its independent broker-dealer subsidiary, Securities America Inc., which saw $60 million erased last week when a giant money market fund, the Reserve Primary...

Federated buys Putnam fund's investments

September 25, 2008

Federated Investors Inc. and Putnam Investors of Boston announced yesterday a finalized agreement to liquidate the $12.3 billion institutional Putnam Prime Money Market Fund (PPMXX) and give those investors shares of the Federated Prime Obligations...

Third Avenue files suit against Reserve

September 23, 2008

Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve...

Ameriprise: Reserve tipped off big clients

September 22, 2008

Ameriprise Financial Inc. and its independent-broker-dealer subsidiary, Securities America Inc., Friday sued Reserve Management Corp. and its founder, Bruce Bent, alleging misconduct in the administration of its giant money market mutual fund,...

Money market fund redemptions taper off

September 22, 2008

Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet. Last week, investors pulled...

Tax-exempt money market funds to be covered

September 22, 2008

The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds. Participation in the program wouldn’t affect the tax treatment of payments, the Department of the Treasury said yesterday. On...

Treasury to protect money market funds

September 19, 2008

The Department of the Treasury announced today that for the next year, it will insure the holdings of any publicly offered eligible money market mutual fund that pays a fee to participate in the program. The agency received approval from President...

Legg pumps $630M into money market funds

September 19, 2008

Baltimore-based Legg Mason Inc. announced today that the firm has entered into agreements to support three money market funds: Citi Institutional Cash Reserves (CILXX); Western Asset Institutional Money Market Fund (INSXX); and a fund for offshore...

Putnam to close money market fund

September 18, 2008

Putnam Investments today announced the shuttering of its institutional Putnam Prime Money Market Fund (PPMXX) as of 5 p.m. ET yesterday. It’s the first time the Boston-based firm has had to close a money market fund. Putnam Prime was offered...

BNY Mellon cash reserves fund ‘breaks buck’

September 18, 2008

The BNY Mellon’s $22 billion Institutional Cash Reserves fund (ICRF) “broke the buck,” falling in value to $0.991 per share on Sept. 16, Bloomberg reported today. The report added that the drop in value was due to the fund’s holdings in...

Huge money market fund 'breaks the buck'

September 17, 2008

Signaling the depth of the current financial crisis, the money market industry, once considered to be a safe haven for investors, took a hit yesterday when the nation’s oldest money market mutual fund, The Reserve Primary Fund (RPRXX), lost...

Munder to liquidate $9 billion in funds

September 3, 2008

Munder Capital Management Inc. has announced plans to exit the money market mutual fund business. Effective immediately, the Munder Cash Investment Fund, the Munder Tax-Free Money Market Fund, the Liquidity Money Market Fund and the Institutional...

Natixis Global acquires Gateway Investments

February 19, 2008

Natixis Global Asset Management of Boston has acquired Gateway Investments Advisers, a Cincinnati-based investment manager with $7.9 billion in assets under management. The acquisition included the Gateway Fund (GATEX) as well as a range of...

Mutual funds boast banner year

January 2, 2008

Mutual funds marched their way through a successful year in 2007, reaching record levels of growth, according to a report from Strategic Insight Mutual Fund Research and Consulting LLC. Asset levels hit $13 trillion by December 2007, gaining...

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