Maybe former SEC chair Mary Schapiro
won after all.
According to all political scoring systems out there, she lost
the fight to get fund firms to switch to the floating NAV.
Now just as the door closes shut behind her, two major fund firms are heading her wish.
announced yesterday that it would publish
floating NAV rates starting yesterday, while BlackRock
has just announced that it would do so starting January 16th, notes InvestmentNews
The pub quotes Goldman spokesperson Andrew Williams explaining that the change was the result of clients asking for more transparency.
However, the newspaper explains that the two companies won't be going as far as actually floating the NAV. Shares will still be traded at $1, but for the first time, investors will be able to see how the value of the funds fluctuates day-to-day. Money market funds are required monthly to disclose the actual NAV, dubbed the shadow NAV, with a two-month lag.
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