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Wednesday, May 15, 2013

Asset Managers Warn the Fed On Bond Funds

News summary by MFWire's editors

Fundsters and other asset managers are worried about rising interest rates, and they're telling the Fed.

The just-released minutes of last month's Investor Advisory Committee on Financial Markets, which includes Mary Callahan-Erdoes of J.P. Morgan Asset Management [profile] and Rick Rieder of BlackRock [profile], reveal that the asset managers on the committee told New York Federal Reserve President William Dudley that, if interest rates start to rise, retail bond fund investors will take a beating.

"Uncertainty was expressed as to the potential market functioning impacts of large outflows from corporate credit-related mutual funds and ETFs, especially as retail holdings of corporate bonds have increased relative to market volumes and broker-dealer balances have decreased," the minutes read.

Jennifer Ablan and Jonathan Spicer of Reuters covered the meeting minutes. 

Edited by: Neil Anderson, Managing Editor

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