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 |
|
Wednesday, January 9, 2013 Goldman Heeds Schapiro's Money Fund Wish Ex-SEC Chairman Mary Schapiro lost her fight to require money market mutual funds to disclose their net asset value (NAV) fluctuations. Yet at least one big money fund shop is belatedly heeding Schapiro's call. Kirsten Grind of the Wall Street Journal reports that Goldman Sachs [profile] will start disclosing daily shadow NAVs for its money funds. Citing Crane Data, the WSJ says Goldman's $133 billion in money fund assets make it the eighth-largest U.S. money fund shop. The daily shadow NAV disclosures will start online today for Goldman's three U.S. commercial paper funds, the paper reports, with the six U.S. government and tax-exempt funds following suit next week and the six offshore funds following suit before 2014. Money funds normally report a stable $1 NAV, and they're allowed to fluctuate from $0.9950 to $1.0050. Among other reform ideas, Schapiro had proposed requiring money funds to disclose those fluctuations. That shadow NAV disclosure idea met fierce resistance from the money fund industry. iMoneyNet managing editor Mike Krasner talked to the WSJ for the article. Printed from: MFWire.com/story.asp?s=42618 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |