This spring the folks at American Beacon
] will soon shut down a 16-year-old mutual fund.
| Gene L. Needles Jr.|
American Beacon Funds
Chairman, President, Chief Executive Officer
The Irving, Texas-based fundsters confirm
via a recent filing that they plan to liquidate the $173.8-million American Beacon Money Market Select Fund
. The American Beacon Select Funds board approved the plan on January 11, and the target liquidation date is March 31.
American Beacon is the latest in a long list of fund firms to shut down money funds, especially non-government money funds, in the painful and prolonged low-interest-rate environment since 2009. And now new regulations are taking effect, too.
A spokesman for American Beacon emailed MFWire
the following statement:
We believe the actions outlined in Wednesday's filings are in the best interest of our shareholders in advance of the implementation of new rules for money market funds approved by the U.S. Securities and Exchange Commission. We will focus our efforts on the American Beacon U.S. Government Money Market Select Fund, which is not impacted by today's filing.
The American Beacon Money Market Select Fund first launched at the end of 1999.
As noted above in American Beacon's statement, the fund firm also offers the $254-million American Beacon U.S. Government Money Market Select Fund
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