MutualFundWire.com: Industry Trade Group Comes Out Against Money Fund Rule

MutualFundWire.com

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Friday, September 5, 2008

Industry Trade Group Comes Out Against Money Fund Rule

Another fund industry player has come out against the money fund rule. The WSJ reports that the Investment Company Institute will pen a letter including its concerns on the proposed rule to the SEC on Friday. "We strongly oppose" removing the role of credit ratings in how money-market funds select their investments," Karrie McMillan, ICI's general counsel, told the pub.

Those who have already sent their concerns to the SEC include:

Thomas Mooney, chairman of the board of the Advanced Series Trust, Prudential Series Fund and Prudential Gibraltar Fund Inc;

the boards of two Evergreen money-market trusts;

First American Funds;

Robin Smith, board chairman of the JennisonDryden and Target funds;

Robert Uek, chairman of the IDC governing council;