MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 24, 2012 Two Shops Cheer the SEC MMF Decision 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. Printed from: MFWire.com/story.asp?s=41036 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |