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Monday, October 04, 2010

Money Funds are in Turmoil

News summary by MFWire's editors

A Crane report today says several fund liquidations, name changes and consolidations occurred last week, including Neuberger Berman's tax-​exempt money fund closings, the renaming of RiverSource as Columbia, and the merger of the former Barclays offshore money fund suite into BlackRock's offshore lineup.

Since September 2008, out of the 84 money fund managers tracked by Crane Data, eight have liquidated (with one more pending), four have merged into other managers, and six have changed names, according to the article.

Also, DWS CAT Prem MM Sh MMP Sh and DWS Premier MM Shares TEP were both reportedly liquidated on Sept. 29, and the assets of the RidgeWorth money funds moved into various Federated funds last week. 

Edited by: Hung Tran


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