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

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

Rating:Legg to Shutter Five WAM Money Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 16, 2010

Legg to Shutter Five WAM Money Funds

Reported by Sean Hanna, Editor in Chief

Legg Mason is shuttering five of the money market funds that are used by Morgan Stanley Smith Barney as sweep vehicles for its brokerage customers. The funds will be replaced with alternative investment accounts.

Legg Mason and Morgan Stanley Smith Barney entered into a strategic relationship when Legg Mason swapped its brokerage arm for Citi's Smith Barney asset management business in June of 2005 (see MFWire.com, June 24, 2005). Citi subsequently sold its Smith Barney brokerage business to Morgan Stanley in 2009.

The five money market funds will liquidate in stages over the next two years, with the final payout being no later than June 30, 2012. The first share class to liquidate will be the class I shares. That liquidation will take place in August [see SEC filing].

While the funds are in the process of liquidating, each share class will remain available to brokers until it is liquidated. Legg Mason is waiving the CDSC for shareholders that move out of the fund on their own.

The quintet of funds are all part of the Legg Mason Partners Money Market Trust. The funds to be liquidated include the $13.7 million AUM Western Asset Money Market Fund [SBCSX].

Four state and municipal money market funds are also liquidating. Those funds include: Western Asset Municipal Money Market Fund, Western Asset California Municipal Money Market Fund, Western Asset New York Municipal Money Market Fund and Western Asset Massachusetts Municipal Money Market Fund. 

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