Reserve Management Corp. New York filed with the SEC on Friday to suspend all redemptions from its Primary Fund and the U.S. Government Fund and postpone the date of payment of redemption proceeds for a period longer than seven days after the tender of shares for redemption.
A group of the world's largest hedge funds are planning to sue the Financial Services Authority for millions of pounds of losses allegedly resulting from the regulator's ban on short selling, according to a report in the Sunday Telegraph.
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.
Baltimore-based Legg Mason is weighing a privatization move that could include one or two private-equity investors, with Kohlberg Kravis Roberts & Co. being one of the interested parties, the New York Post reported.
A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.
The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.
Although family members may work with them, most financial advisers do not think of their firms as family businesses. In their minds, the businesses are theirs — even when ownership is shared with other family members.
At a time when major investment banks are failing, the independent-advisory business is flourishing, according to a recent research report.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
When politicians from Al Gore to T. Boone Pickens push for an issue such as alternative energy, you might think the sector is a bright spot in the struggling stock market.
