recommendations for changes in money market funds could result in lower yields, The Wall Street Journal's
Daisy Maxey reports.
The ICI on Wednesday endorsed recommendations put forward by a money
market working group led by Vanguard
chairman Jack Brennan
(see The MFWire,
03/18/09), and several money market funds are expected to adopt those changes by September.
Recommendations aimed at bringing greater liquidity and slightly tighter maturity for the funds will have an impact on yield, according to ICI president
and CEO Paul Schott Stevens
. The effect, however, is not expected to be substantial, he said.
"We're not making these recommendations for this yield environment," the Journal quotes Stevens as saying during a conference call with reporters on Wednesday.
"We're making them for the future when we assume we'll get back to a more normal
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