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Rating:Fidelity, But Not BlackRock, Prophesies Money Fund Doom Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, March 05, 2012

Fidelity, But Not BlackRock, Prophesies Money Fund Doom

News summary by MFWire's editors

Fidelity [profile], but not BlackRock [profile], continues to fight the idea that money market funds should have floating net asset values. Bloomberg highlighted the two mutual fund giants' different approaches to the SEC's idea.

Barbara Novick, co-founder and vice chairman of BlackRock, seems to have moved to the acceptance stage regarding the proposal's effects on the money fund industry.

"We think there will be some shrinkage, but we don't think it would eliminate the product," Novick told Bloomberg.

"I wouldn't say we're opposed to or in favor of" the floating NAV, Novick said. "We're pragmatists. The regulators are going down this path. Do you want to fight them or try to work for the best possible solution?"

Fidelity, on the other hand, said in a comment letter submitted last week that floating NAVs would "ultimately destroy the money market fund industry." 

Edited by: HFD

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