Asset Managers Say Money Funds Safe Without New SEC Rules
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The $2.6 trillion money market fund business doesn’t need additional reforms being mulled by the U.S. Securities and Exchange Commission, according to executives of top asset managers.
“We are concerned that these changes will eliminate the utility of money market funds for most investors,” the executive committee of the Investment Company Institute said today in a statement. The committee said rule changes made by the SEC in 2010 were sufficient to safeguard funds.