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 |
|
Monday, June 15, 2009 Reserve Tallies $16.6 Million in Primary Expenses The Reserve Primary Fund has racked up $16.6 million in expenses since its net asset value in shares sunk to below $1 in September. The Wall Street Journal reported that the tally accrued includes $15 million in fees to its investment adviser, Reserve Management Co.. For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline. The expenses also factor in $631,598 in trustee and counsel fees and another $836,520 in marketing fees. The Primary Fund filed a report last Thursday outlining its expenses. On Thursday, the fund reported having $4.55 billion in remaining assets and $191.1 million in undistributed net income. According to the WSJ, it is very likely that the fees won't be paid until a monitor is appointed. Before the money market fund had "broke the buck" on Sept. 16, the day after Lehman Brothers had collapsed, the Journal reported that the fund once held $63 billion in assets. However, its $785 million investment in Lehman securities could not sustain the fund after the Lehman bust and it has not recovered since. Printed from: MFWire.com/story.asp?s=21801 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |