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Rating:Two Shops Cheer the SEC MMF Decision Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 24, 2012

Two Shops Cheer the SEC MMF Decision

News summary by MFWire's editors

The SEC's choice to abandon money-market fund reform seems to have had positive results on Federated and Fidelity, according to various reports.

The Boston Globe reported Thursday that Fidelity released a statement saying the shop "(believes) that fund shareholders and the economy benefit from the fact that there is no current plan for further reorganization of money market mutual funds."

The Boston Behemoth is the world's biggest money-market fund shop, with $144 billion in AUM, the Globe noted.

Meanwhile, Federated saw their shares jump 6 percent following the announcement, MarketWatch reported.

The New York-based shop also released a statement praising the decision.

"We believe the SEC commissioner made an appropriate policy decision in choosing not to pursue at this time new rules that would have ended money-market mutual funds as we know them with potentially severe consequences to our financial system as we know it," stated Federated president and CEO J. Christopher Donahue.  

Edited by: Ben Geier

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