Reserve begins distribution for 12 funds

The Reserve Management Co. Inc. of New York has announced that it has begun distributions for 12 of its money market mutual funds and gave a distribution schedule for a host of others.
DEC 11, 2008
By  Bloomberg
The Reserve Management Co. Inc. of New York has announced that it has begun distributions for 12 of its money market mutual funds and gave a distribution schedule for a host of others. Distributions began this week for several municipal money market funds, including full payments for the Connecticut Municipal Money Market Fund, Michigan Municipal Money Market Fund, Minnesota Municipal Money Market Fund, Ohio Municipal Money Market Fund and Virginia Municipal Money Market Fund. In addition, partial distributions went out to investors in the New Jersey Municipal Money Market Fund, California Municipal Money Market Fund and Florida Municipal Money Market Fund. Upcoming distribution dates include: Dec. 15 for full payment for the New York Municipal Money Market Fund, Dec. 22 for a partial payment for the Yield Plus Fund, Jan. 5 for a partial payment of the U.S. Government Fund and Jan. 12 for a partial distribution for the Interstate Tax Exempt Fund. The total distributions represent $7.23 billion, with $886.5 million in remaining payments to be made. “One or more distributions may be delayed if we are unable to complete the necessary reconciliation process and if a fund’s plan of liquidation is not finalized,” the firm noted in a statement.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.