Results for "money market funds"

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Tax-exempt money market funds to be covered

September 22, 2008

The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds. Participation in the program wouldn’t affect the tax treatment of payments, the Department of the Treasury said yesterday. On...

Treasury to protect money market funds

September 19, 2008

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 agency received approval from President...

Legg pumps $630M into money market funds

September 19, 2008

Baltimore-based Legg Mason Inc. announced today that the firm has entered into agreements to support three money market funds: Citi Institutional Cash Reserves (CILXX); Western Asset Institutional Money Market Fund (INSXX); and a fund for offshore...

Putnam to close money market fund

September 18, 2008

Putnam Investments today announced the shuttering of its institutional Putnam Prime Money Market Fund (PPMXX) as of 5 p.m. ET yesterday. It’s the first time the Boston-based firm has had to close a money market fund. Putnam Prime was offered...

BNY Mellon cash reserves fund ‘breaks buck’

September 18, 2008

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. The report added that the drop in value was due to the fund’s holdings in...

Huge money market fund 'breaks the buck'

September 17, 2008

Signaling the depth of the current financial crisis, the money market industry, once considered to be a safe haven for investors, took a hit yesterday when the nation’s oldest money market mutual fund, The Reserve Primary Fund (RPRXX), lost...

Munder to liquidate $9 billion in funds

September 3, 2008

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...

Natixis Global acquires Gateway Investments

February 19, 2008

Natixis Global Asset Management of Boston has acquired Gateway Investments Advisers, a Cincinnati-based investment manager with $7.9 billion in assets under management. The acquisition included the Gateway Fund (GATEX) as well as a range of...

Mutual funds boast banner year

January 2, 2008

Mutual funds marched their way through a successful year in 2007, reaching record levels of growth, according to a report from Strategic Insight Mutual Fund Research and Consulting LLC. Asset levels hit $13 trillion by December 2007, gaining...

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