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Monday, November 01, 2010

Federated's Chief Argues Against Two Money Fund Tiers

News summary by MFWire's editors

At least one giant money market mutual fund firm is not happy with some of the money fund reform ideas being batted around. On Federated Investors' [see profile] third quarter earnings call Friday morning, CEO Christopher Donahue expressed skepticism about both money-fund insurance and separating money funds into two tiers (one with stable NAVs and one with variable NAVs). Both ideas were mentioned as possibilities in the money fund report released recently by the President Obama's Working Group on Financial Markets.

"On the insurance, we just don't see how it works," Donahue told those on the call, adding that the two-tiered system isn't "the way to go."

The Pittsburgh-based mutual fund firm reported its third quarter earnings on Thursday (see The MFWire, 10/29/2010). The Wall Street Journal's Eleanor Laise reported on the call. 

Edited by: Neil Anderson, Managing Editor

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