The bond ratings agency said it has “sufficient” cash and government securities to fund potential termination payments related to guaranteed insurance contracts even if the notes issued by its MBIA Insurance Corp. unit are downgraded.
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.
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.
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.
The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.
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.
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.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
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.
The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.
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.
The Reserve Management Co. Inc. won’t accept new investors in any of its group of money market funds, the firm said yesterday.
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 move followed the emergency action announced yesterday by the Securities and Exchange Commission temporarily prohibiting short sales of shares of certain financial companies.
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.
“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.”
