Despite the challenges facing money market fund providers, at least one mutual fund firm is making additions to its money market team. Robert Brown
, who heads Fidelity Investments' [see profile]
money market business, told The Boston Globe's
Todd Wallack that he is adding to his staff.
"We’re managing the business for decades, not for 12 or 24 months," Brown was quoted in the article as saying.
Brown did not say how many staffers he is adding.
article, published over the weekend, took a look at the challenges money market players are facing, the biggest of which are record low interest rates. The article also noted that investors took out $1.2 trillion from money market funds over the past three years. Assets in money funds now total
Armie Margaret Lee
Stay ahead of the news ... Sign up for our email alerts now