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Monday, November 18, 2013

Fundsters Get Medieval on the Treasury

News summary by MFWire's editors

So which goes better with a blue suit? Battle axes, maces or broadswords? Do ties go well with chain mail?

Fundsters are preparing to sound the battle charge in an escalating Crusade against the Treasury Department's Office Financial Research and its push to step up regulation of the mutual fund industry, according to the Wall Street Journal.

At issue is a report published by the OFR titled Asset Management and Financial Stability declaring that asset managers could pose risks to the American financial system at large.

BlackRock, Pimco, and Fido are among the fund firms raising an outcry over the report, according to the WSJ.

Why are they yelling so loudly over the report? The newspaper says that it serves as one of the criteria by regulators like the Financial Stability Oversight Council will decide whether an asset manager poses significant systemic risk to the financial system and thus requires much greater scrutiny. 

Edited by: Tommy Fernandez

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