Scout to Shutter its Money Market Funds
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Tuesday, December 07, 2010

Scout to Shutter its Money Market Funds

Scout Investment Advisors is pulling the plug on its money market funds. The board of trustees of the Scout Funds greenlighted a plan to liquidate the Money Market Fund - Federal Portfolio, Money Market Fund - Prime Portfolio and Tax-Free Money Market Fund. [SEC filing]

Kansas City, Missouri-based Scout, a unit of UMB Financial, expects to complete the liquidation early next year.

"While the Funds have served for many years as high quality money market fund investment options for clients and customers of the Advisor and UMB Financial Corporation, the Advisor has determined that it is no longer economically viable to continue operating the Funds in view of their size and future prospects for growth," according to an SEC filing today.

A company spokesperson was not immediately able to provide further comment on the decision.

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