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Friday, August 19, 2011

Money Fund Revenues Fell 65 Percent Over the Past Three Years

News summary by MFWire's editors

The Wall Street Journal has an article today about the pressures facing money market mutual funds amid the backdrop of declining interest rates. The pub notes the funds, which generated $13 billion in fees in 2008, saw their revenues fall by 65 percent over the past three years.

The pressures have triggered fee waivers, fund consolidations and closures. The WSJ obtained comments from PayPal, which last month shuttered a $485.9 million money fund, and Natixis, which in February liquidated a $137 million fund.

At the end of 2010, there were 652 money market funds in existence, down from 805 at the close of 2007, according to ICI data.

Meanwhile, the article notes that money funds recently saw a jump in inflows as investors sought refuge from the stock market turmoil. 

Edited by: Armie Margaret Lee

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