Directors of money funds are sure of one thing, they don't want to replace the credit rating agencies. In Friday's WSJ Fund Track
, Daisy Maxey
reports that other proprietors of money market funds are starting to echo Vanguard's
comments on the SEC's plans to amend Rule 2a-7. The regulatory agency has proposed that the boards of money funds be responsible for determining the creditworthiness of their investments, not ratings agencies.
Those speaking out against the measure include: Thomas Mooney
, chairman of the board of the Advanced Series Trust, Prudential Series Fund and Prudential Gibraltar Fund Inc; the boards of two Evergreen money-market trusts and First American Funds; as well as Robin Smith
, board chairman of the JennisonDryden and Target funds; and Robert Uek
, chairman of the IDC governing council.
Stay ahead of the news ... Sign up for our email alerts now