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Wednesday, March 18, 2009

Federated Seeks to Set the Record Straight on Money Funds

News summary by MFWire's editors

Federated Investors, one of the giants in the money market fund market, has released a white paper called The Truth About Money Market Funds (click here to view the paper), which aims to provide information for lawmakers and others regarding the nature of money funds, their role in the financial markets, and the regulatory system in which they operate.

"Some commentators have mistakenly suggested that money funds function like banks and should be regulated as such," the Federated team wrote in the introduction. "This paper shows that such a view fundamentally misconceives the nature of money funds and would result in inappropriate regulation of money funds to the detriment of U.S. financial markets."

The paper is available in the newly launched Money Market Matters section of Federated's Web site. The section also includes information on industry developments and Federated's products.

As of end-January, Federated ranked as the second largest money market mutual fund manager behind JPMorgan Asset Management, according to data from Mercatus' Financial Research Corp. Federated at the time had $310.98 billion, while JPMorgan had $379.97 billion.

Currently, assets in Federated's money funds total north of $355 billion, according to company officials.

"As a firm that manages more than $355 billion in money market assets, Federated created Money Market Matters as a resource center to provide our fund shareholders with information and insights about current market issues," said Federated president and CEO J. Christopher Donahue in a news release on Wednesday.
Company Press Release

PITTSBURGH, March 18 /PRNewswire-FirstCall/ -- Federated Investors, Inc., one f the nation's largest investment managers, today announced the release of a white paper titled "The Truth About Money Funds" as part of the launch of a new Money Market Matters section of FederatedInvestors.com.

Money Market Matters is designed to provide investors and clients with current information about Federated's money market funds as well as items of interest that relate to developments in the industry. For example, "The Truth About Money Funds" examines the vital role that money market mutual funds play in the financial markets and explains the regulatory regime that governs them. Money Market Matters also functions as resource center for information about money market mutual funds by providing links to related information on the web site of the U.S. Department of Treasury, the Federal Reserve and the Investment Company Institute.

"As a firm that manages more than $355 billion in money market assets, Federated created Money Market Matters as a resource center to provide our fund shareholders with information and insights about current market issues," said J. Christopher Donahue, president and CEO of Federated Investors. "Among the resources, the site includes a link to the Investment Company Institute's Money Market Mutual Fund Working Group's recommendations for strengthening the resilience of money market funds."

Federated Investors, Inc. is one of the largest investment management firms in the United States, managing $407 billion in assets as of Dec. 31, 2008. With 158 funds and various separately managed accounts, Federated provides comprehensive investment management worldwide to nearly 5,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.
 

Edited by: Armie Margaret Lee


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