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
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

Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition
Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition

Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.

Kovack Financial Network launches private succession platform for advisors
Kovack Financial Network launches private succession platform for advisors

KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.

Regulation lags rising private credit risks as retail access widens
Regulation lags rising private credit risks as retail access widens

New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.

LPL Financial, Raymond James land advisors managing $470M
LPL Financial, Raymond James land advisors managing $470M

Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.

Wealth transfer timing: why waiting is the costliest mistake families make
Wealth transfer timing: why waiting is the costliest mistake families make

UBS expert Sarah Salomon says stewardship is built over time, not handed over in a will.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income