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Tuesday, September 23, 2008

Pru Plans Money Market Merger

by: Erin Kello

Two money market funds in the Prudential family are about to become one. In a September 11filing with the SEC, Prudential said it plans to merge its Dryden Money Market Fund into its MoneyMart Assets fund. According to the filing:

Each whole and fractional share of each class of Dryden Money Market Fund would be exchanged for whole and fractional shares of equal net asset value of the same or equivalent class of MoneyMart Assets, Inc. Outstanding shares of Dryden Money Market Fund would be then canceled and would subsequently be liquidated.


Shareholders are expected to vote on the proposal November 17. 

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