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Rating:American Beacon Closes Troubled Money Fund Portfolio Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 23, 2008

American Beacon Closes Troubled Money Fund Portfolio

News summary by MFWire's editors

Another money fund is set to close. In Tuesday's WSJ Fund Track Diya Gullapalli and Jennifer Levitz report that Moody's Investors Services downgraded American Beacon Money Market Portfolio and its sub funds on Monday, from Aaa to B. American Beacon Advisors had temporarily halted redemptions of the fund and later decided to close the fund altogether. No word on if the fund broke the buck. The Treasury made available a $50 billion fund to troubled money market funds on Friday.

In other money-fund news, redemptions seemed to have slowed in response to the Treasury's guarantee, with just $5.2 billion on Friday compared to nearly $47.7 billion Thursday and $85.4 billion Wednesday.

Also in today's Fund Track. Gullapalli and Levitz report that some brokerages, including Fidelity, Vanguard Brokerage Services, and TD Ameritrade, had technical difficulties due to high trading volumes on Friday.  

Edited by: Erin Kello

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