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Rating:Goldman, J.P. Morgan and Schwab Back Prime Money Fund Reform; Vanguard Gets Out of the Way Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 12, 2013

Goldman, J.P. Morgan and Schwab Back Prime Money Fund Reform; Vanguard Gets Out of the Way

News summary by MFWire's editors

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 [profile], Goldman Sachs [profile] and J.P. Morgan [profile] all say they'll support the SEC proposal, and Vanguard [profile] 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. 

Edited by: Neil Anderson, Managing Editor

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