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Rating:Two More Fund Firms Prop Up Money Funds Against OutFlows, Lehman Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 18, 2008

Two More Fund Firms Prop Up Money Funds Against OutFlows, Lehman

by: Neil Anderson, Managing Editor

This week continues to bear bad news for at least some money market funds. At least five more money funds received cash infusions from their parents Wednesday, as total money fund assets fell $89.2 billion in one day, according to iMoneyNet, from $3.44 trillion to $3.35 trillion. MarketWatch's Sam Mamudi reports that Bank of New York Mellon and Bank of America's Columbia Management put money into Columbia Cash Reserves, Dreyfus BASIC Money Market Fund Dreyfus Cash Management Plus, Dreyfus Liquid Assets and Dreyfus Worldwide Dollar Money Market Fund to compensate for their holdings in AIG and Lehman paper.

Money fund woes aren't restricted to Columbia and Dreyfus. Putnam shut down its Putnam Prime Money Market Fund Wednesday after heavy redemptions (see MFWire, September 18, 2008), and The Reserve froze its Primary Fund Tuesday after it broke the buck (MFWire, September 17, 2008). And Evergreen and Russell have already announced their own cash infusions into five of their money market funds (see MFWire, September 17, 2008). 

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