Munder to liquidate $9 billion in funds

Munder Capital Management Inc. has announced plans to exit the money market mutual fund business. Effective immediately, the Munder Cash Investment Fund, the Munder Tax-Free Money Market Fund, the Liquidity Money Market Fund and the Institutional Money Market Fund will be closed to new shareholders. As of Oct. 3, the check-writing privilege made available to shareholders of the funds will be terminated. The liquidation of the funds is expected to occur Oct. 14. Munder Capital manages around $9 billion in cash products. In its announcement, the Birmingham, Mich.-based firm noted that money market funds are “no longer central to the firm’s core business strategy.” The firm will continue to focus on its domestic and international and fixed-income products, chief executive John Adams added in the statement. Munder Capital had $39.7 billion in assets under management as of June 30.