MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, April 17, 2009 Primary Fund Shareholders Receive $2 Billion More Shareholders of the Reserve Primary Fund will receive $2 billion more in distributions this week, but that still leaves about $4.8 billion left in the fund. In the Friday Fund Track column, the Wall Street Journal's Sam Mamudi reports on the latest distribution from the now-infamous money market fund. Reserve unveiled the fund's latest distribution plan update on Monday. For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline. Of that $4.8 billion remaining in the fund after this week, Reserve will hang on to $3.5 billion, as previously revealed, to cover both regular expenses and defend against the numerous lawsuits revolving around Primary (see MFWire, 2/27/2009). Mercer Bullard, founder of Fund Democracy and assistant professor of law at the University of Mississippi, told the WSJ that "the amount [set aside by Reserve] is absurd," but an SEC spokesman confirmed that "everything the fund has done is consistent with the fund's disclosures and its operating documents. Mamudi also highlights the announced retirement of Rochester Funds founder Ronald Fielding from OppenheimerFunds, as previously reported in The MFWire (see MFWire, 4/16/2009). Printed from: MFWire.com/story.asp?s=21320 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |