The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.
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.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.
Most investors will probably look at the recent performance of Asian stocks and run screaming, but some industry experts recommend that they stand pat.
In a year of seemingly endless bad news for hedge funds, many hedge-fund-of-funds managers, especially institutionally focused firms, actually thrived.
Financial advisers could soon find themselves paying more for AIG's variable annuities.
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.
Say government $50 billion backstop makes funds more attractive — and makes it tougher for banks to attract deposits.
“This is a tough environment to launch a new financial product,” said Neel Kashkari, assistant secretary of the Department of the Treasury, but “never has the market needed this financial product as much as we need it now.”
Legg Mason Inc. has entered into agreements to support three money market funds: Citi Institutional Cash Reserves, Western Asset Institutional Money Market Fund and a fund for offshore investors, CILF U.S. Dollar Liquidity Fund.
The Reserve Management Co. Inc. won’t accept new investors in any of its group of money market funds, the firm said yesterday.
The move followed the emergency action announced yesterday by the Securities and Exchange Commission temporarily prohibiting short sales of shares of certain financial companies.
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.
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.
A ban on the short-sale of financial stocks put into effect today by Britain’s Financial Services Authority today was criticized by the U.S. trade group that represents hedge funds.
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.
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.
