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Friday, December 03, 2010

The Fed Pumped $217B into Money Funds

News summary by MFWire's editors

Fundsters interested in the details of how the rest of the money market mutual fund business held it together in the fall of 2008 after the collapse of the Reserve Primary Fund may want to take at today's Boston Globe.

Beth Healy and Todd Wallack report on data just released by the Federal Reserve on its money fund rescue program. According to the paper, almost 200 money funds tapped into $217 billion through the program, of all which has since been paid back.

Notable users of the program included: Columbia (whose money fund business is still part of Bank of America), which used $13 billion; Eaton Vance [see profile], $176 million; Evergreen (now part of Wells Fargo) [see profile], $9 billion; Fidelity [see profile], $5.5 billion; and Putnam [see profile], $188 million. 

Edited by: Neil Anderson, Managing Editor

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