The Reserve Management Co. Inc. won’t accept new investors in any of its group of money market funds, the firm said yesterday.
Say government $50 billion backstop makes funds more attractive — and makes it tougher for banks to attract deposits.
U.S. markets are poised to open sharply higher this morning after top government officials from the administration and Congress announced a several actions last night intended fight the mounting financial crisis, according to published reports.
Adding to sweeping government actions announced to alleviate the financial crisis, Treasury Secretary Henry Paulson Jr. this morning proposed new measures aimed at buying bad mortgages and distressed debt.
Hedge funds and other large investors would have to disclose their short positions under an emergency rule asked for by Securities and Exchange Commission Chairman Christopher Cox.
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.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
Putnam Investments today announced the shuttering of its institutional Putnam Prime Money Market Fund (PPMXX) as of 5 p.m. ET yesterday.
The rocky financial markets of 2008 have taken a toll on hedge funds, with liquidations up and new fund launches down, according to the latest data from HFR Group LLC in Chicago.
More than 77% of 1,003 advisers who responded to an <i>InvestmentNews</i> survey over the past 36 hours fear the news coming out of Wall Street is likely to get worse before it gets better.
