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Rating:Munder is Getting Out of the Money Market Fund Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 02, 2008

Munder is Getting Out of the Money Market Fund Biz

Reported by Armie Margaret Lee

Munder Capital plans to exit the money market mutual fund business, saying the business is no longer central to the company's core strategy. Munder plans to liquidate the Munder Cash Investment Fund, Munder Tax-Free Money Market Fund, Institutional Money Market Fund and Liquidity Money Market Fund on October 14 at the earliest, according to an SEC filing.

The funds hold approximately $9 billion of assets.

In a news release issued Tuesday, Munder CEO John Adams said the money market mutual fund business "requires a scale and focus no longer consistent with our long-term business goals and objectives."

"Our future focus is the continued development of our highly successful and growing domestic and international equity and fixed income capabilities and this is where we will be committing our investment and distribution resources," Adams added.

Munder will continue to offer separately managed liquidity accounts for institutional investors.




Company Press Release

BIRMINGHAM, Mich., Sep 02, 2008 (BUSINESS WIRE) -- Munder Capital Management, an institutional money management firm, announced today that it plans to exit the money market mutual fund business because it is no longer central to the firm's core business strategy.

"Our future focus is the continued development of our highly successful and growing domestic and international equity and fixed income capabilities and this is where we will be committing our investment and distribution resources," said CEO John Adams. "Since 2005, assets in these core businesses have grown 66% to $20.7 billion. While we will continue offering separately managed liquidity accounts for institutional investors, the money market mutual fund business requires a scale and focus no longer consistent with our long-term business goals and objectives." Munder Capital currently manages approximately $9 billion in cash products. The firm is committed to working closely with its Fund Board and shareholders to ensure a smooth and timely transition from the business.

For more information, please visit www.munder.com.

About Munder Capital Management
Munder Capital is an institutional asset management firm providing disciplined investment advisory services to corporations, retirement plans, mutual fund and insurance companies for whom it sub-advises, as well as municipalities and Taft-Hartley accounts. Munder's investment expertise spans the domestic, international, market neutral and fixed income markets, as well as the full spectrum of equity capitalization ranges -- from small- and mid-cap to large-cap and multi-cap. The firm provides access to these disciplines through separate accounts, commingled funds, and mutual funds. As of 6.30.08, Munder Capital managed $20.7 billion in active equity and fixed income assets and $9.3 billion in cash products. 

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