It looks like floating NAVs, at least for prime money market funds, are about to become the rule, and three financial services giants are getting behind the idea.
Andrew Ackerman of the Wall Street Journal reports
that executives Charles Schwab
], Goldman Sachs
] and J.P. Morgan
] all say they'll support the SEC proposal
, and Vanguard
] won't fight it. According to the WSJ
, those four money fund shops run about 30 percent of the business.
Yet the paper notes that some other money funds shops, including Fidelity
, continue to oppose the idea of floating NAVs for prime funds. The Chamber of Commerce
and the Investment Company Institute (ICI
) are fighting it, too.
Neil Anderson, Managing Editor
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