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

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

Rating:Fido, Federated and Vanguard React to Money Fund Proposals Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, June 29, 2009

Fido, Federated and Vanguard React to Money Fund Proposals

by: Armie Margaret Lee

In Monday's Wall Street Journal Fund Track, Daisy Maxey collected opinions from Fidelity, Federated Investors and Vanguard officials on the SEC's proposed changes to rules governing money market funds.

Fidelity spokesman Vin Loporchio told Maxey that the Boston firm, which had more than $500 billion in money fund assets at the end of May, backs changes that would strengthen the security of the funds, but it doesn't think that "radical changes to the way money-market funds are organized or regulated" are necessary.

Vanguard chairman Jack Brennan, who led ICI's money fund working group, praised the SEC for tackling the major factors concerning money-market safety and liquidity. As for the proposal restricting the maximum weighted average life maturity of a money-market fund's portfolio, Brennan said that may be too limiting for several retail funds. The ICI working group had proposed a 75-day average maturity.

For his part, Federated CEO J. Christopher Donahue said that overall, the SEC's proposals came out well, but he will bring up concerns about some of the commission's suggestions, such as the distinction between retail and institutional funds as far as illiquid securities are concerned.

The SEC, which proposed the rules on Wednesday, will solicit public comment for 60 days. 

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

5.0
 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