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.
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.
Barclays PLC won’t be “assuming the obligation” of traditional structured products and exchange traded notes issued by Lehman Brothers Holdings Inc., according to a source close to the situation.
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.
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.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
At a time when major investment banks are failing, the independent-advisory business is flourishing, according to a recent research report.
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.
Most investors will probably look at the recent performance of Asian stocks and run screaming, but some industry experts recommend that they stand pat.
The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.
