Another mutual fund company is exiting the money market mutual fund business.
In a 497
filed with the SEC, Eaton Vance
] reveals that it will shut down the Eaton Vance U.S. Government Money Market Fund
next month. A spokeswoman for Eaton Vance confirms that the that $66-million fund is the Boston-based mutual fund company's only money fund and that it will be closed to new investors seven days before it liquidates.
"The decision was made based on the complexity surrounding the SEC reform," Robyn Tice, a spokeswoman for Eaton Vance, tells MFWire
in an e-mailed statement. "This is not a big area of focus for our retail business."
Publicly-traded, 91-year-old Eaton Vance had $312.6 billion in AUM as of July 31.
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