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

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

Rating:WSJ Singles Out Schwab, Fidelity, Legg Mason Money Funds for Euro Exposure  Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 01, 2010

WSJ Singles Out Schwab, Fidelity, Legg Mason Money Funds for Euro Exposure

News summary by MFWire's editors

Some brand name money-market funds have billions of dollars of exposure to Spanish and Italian banks, but they're not worried.

Rather, spokespeople from Fidelity [see profile] and Legg Mason [see profile] told the Wall Street Journal that their firms are comfortable with their position.

Among the major U.S. funds, Fidelity Cash Reserves, repprtedly held $4.2 billion, or 3.5 percent of its assets, in certificates of deposit issued by Spanish bank Banco Bilbao Vizcaya Argentaria SA, or BBVA, and Italian banks UniCredit SpA and Intesa Sanpaolo SpA as of Oct. 31.

Schwab Cash Reserves, the third-largest fund, also had $1.5 billion in securities from Banco Santander SA, BBVA, UniCredit and Intesa and Western Asset Money Market Fund, owned by Legg Mason Inc., the ninth-largest fund, holds $848 million in Banco Santander, BBVA and Intesa.

Legg Mason spokeswoman Mary Athridge told the pub that her firm is "comfortable with the creditworthiness of the institutions, and that is augmented by the fact that there are liquidity facilities available from the [European Union] and [European Central Bank]," adding that the firm "will continue to carefully monitor the situation."

Fidelity spokesman Adam Banker offered that his firm is "very comfortable" with all of its funds holdings in "high quality" foreign banks.

Charles Schwab [see profile] declined to comment on it own comfort or discomfort. 

Edited by: Hung Tran


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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
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. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use