Mary Schapiro lost her fight
to require money market mutual funds to disclose their net asset value (NAV) fluctuations. Yet at least one big money fund shop is belatedly heeding Schapiro's call. Kirsten Grind of the Wall Street Journal reports
that Goldman Sachs
] will start disclosing daily shadow NAVs for its money funds.
Citing Crane Data
, the WSJ
says Goldman's $133 billion in money fund assets make it the eighth-largest U.S. money fund shop. The daily shadow NAV disclosures will start online today for Goldman's three U.S. commercial paper funds, the paper reports, with the six U.S. government and tax-exempt funds following suit next week and the six offshore funds following suit before 2014.
Money funds normally report a stable $1 NAV, and they're allowed to fluctuate from $0.9950 to $1.0050. Among other reform ideas, Schapiro had proposed requiring money funds to disclose those fluctuations. That shadow NAV disclosure idea met fierce resistance
from the money fund industry.
managing editor Mike Krasner
talked to the WSJ
for the article.
Neil Anderson, Managing Editor
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