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Friday, September 5, 2008

Industry Trade Group Comes Out Against Money Fund Rule

by: Erin Kello

Another fund industry player has come out against the money fund rule. The WSJ reports that the Investment Company Institute will pen a letter including its concerns on the proposed rule to the SEC on Friday. "We strongly oppose" removing the role of credit ratings in how money-market funds select their investments," Karrie McMillan, ICI's general counsel, told the pub.

Those who have already sent their concerns to the SEC include:
  • Thomas Mooney, chairman of the board of the Advanced Series Trust, Prudential Series Fund and Prudential Gibraltar Fund Inc;
  • the boards of two Evergreen money-market trusts;
  • First American Funds;
  • Robin Smith, board chairman of the JennisonDryden and Target funds;
  • Robert Uek, chairman of the IDC governing council;
  • and Vanguard.  

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