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Rating:Investors Want Out of Another Reserve Fund Not Rated 4.0 Email Routing List Email & Route  Print Print
Monday, September 14, 2009

Investors Want Out of Another Reserve Fund

News summary by MFWire's editors

Reserve's Primary Fund isn't it only defunct offering drawing investor ire. The Wall Street Journal's Daisy Maxey reports that more than 100 shareholders of the Reserve Yield Plus Fund have asked the SEC to retract its approval, dating back to September 2008, for the redemption freeze of the fund.

According to one of the fund's shareholders, James Singer, $175 million of Yield Plus' $1.2 billion remains in the fund.

"This order only serves to allow the Reserve [Management] and the Bents to collect unearned fees and the shareholders to collect undeserved frustration," Singer wrote to the SEC.

In December, the WSJ reported that Yield Plus may have actually broken the buck a day before Reserve's now-infamous Primary Fund. 

Edited by: Neil Anderson, Managing Editor

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