March 7 (Bloomberg) -- Eliminating the stable $1 share price of money market mutual funds would require a cost benefit analysis beforehand, said Legg Mason Inc.’s Mark Fetting.
“Tweaking the product is a far better solution than something extreme like that,” Fetting, chief executive officer of the Baltimore-based money manager, said today at the 2012 Citigroup Financial Services Conference in New York.
Fetting said if “extreme conditions” were imposed on money funds by regulators, Legg Mason may be forced to revisit the business. Legg Mason had $631 billion in assets under management as of Jan. 31, about 18 percent of which was in liquidity funds, he said.
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