If assets managers hadn't had the cash to step in, Reserve Prime
] wouldn't have been the only money fund to break the buck. According to a report from Moody's Investors Service
, at least 20 mutual fund firms spent more than $12 billion total to prop up their prime money market funds during the recent downturn. The Wall Street Journal
's Eleanor Laise picks up
on the report.
Moody's says that at least 36 of the 100 biggest prime money funds needed support from their parents to survive. (After Reserve Prime collapsed in September 2008, investors yanked more than $200 billion out of prime funds in two days.)
Moody's Henry Shilling
's [see profile
] Robert Deutsch
(head of the global liquidity business) and Crane Data
's Peter Crane
all weighed in for the article.
Neil Anderson, Managing Editor
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