Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:ICI Pushes Changes in Money Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 18, 2009

ICI Pushes Changes in Money Funds

by: Armie Margaret Lee

The ICI Board of Governors on Wednesday endorsed recommendations put together by the money market working group (click here to view the full report) aimed at making money funds more transparent and liquid. Shefali Anand picked up on those recommendations, which include requiring money funds to hold a cash balance of 5 percent to 20 percent, in Wednesday's Wall Street Journal Fund Track column.

Vanguard chairman Jack Brennan chairs the working group, whose members include ICI president and CEO Paul Schott Stevens, Legg Mason chairman and CEO Mark Fetting, Fidelity asset management head Michael Wilens, JPMorgan Funds president and CEO George Gatch, Goldman Sachs Mutual Funds president and CEO James McNamara, Invesco president and CEO Martin Flanagan, Schwab Funds president Randall Merk, Federated Investors vice chairman John McGonigle, BlackRock managing director Richard Davis and BlackRock Funds independent director James Bodurtha.

The group recommends that all money funds be required to publish investments monthly, and that the funds reveal the type of clients they have. Another recommendation is for the SEC to authorize funds to be able to suspend redemptions and purchases of shares for up to five days.

In addition, there's a proposal to decrease the average weighted maturity of money funds' investments from 90 days to 75 days. Such a move "provides a more liquid portfolio," Fetting told The Journal.

In a separate interview with Bloomberg, Fetting said industry executives hoped the proposals would pre-empt regulations backed by former Federal Reserve chairman Paul Volcker, who heads up President Obama's Economic Recovery Advisory Board. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use