The SEC's choice to abandon money-market fund reform seems to have had positive results on Federated
, 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
Meanwhile, Federated saw their shares jump 6 percent following the announcement, MarketWatch
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
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