, ,JP Morgan Chase and Co.
, and Goldman Sachs
have restricted their investors to access European money market funds. This restriction follows
the European Central Bank's interest rate cut, reports Reuters
, spokeswoman for JP Morgan said the move was taken by the investment arm of the bank "because we think it will help prevent further dilution in yields, which is in the best interest of clients."
GS Euro Government Liquid Reserves Fund was closed by Goldman Sachs to new cash, according to an official, while BlackRock also closed a pair of funds.
Outflows for the European money market funds reached $15.4 billion from June 28 to July 4, according to data from EPFR Global. Cameron Brandt
, director of research at EPFR Global, said these outflows are the highest on record since first quarter of 2007.
European money market funds posted outflows of $15.4 billion between June 28 and July 4, fund-tracking firm EPFR Global said on Friday. Those are the highest outflows from the funds on a record that extends back to the first quarter of 2007, Brandt said.
Other funds providers such as Fidelity Investments and Vanguard do not offer European funds.
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