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Why Vanguard Is Bucking Its Peers on Money Funds

F. William McNabb III, chief executive officer and president of Vanguard, speaks during the 2010 Morningstar Investment Conference in Chicago in 2010
F. William McNabb III, chief executive officer and president of Vanguard, speaks during the 2010 Morningstar Investment Conference in Chicago in 2010Photograph by M. Spencer Green/AP Photo

In recent days, major institutions that offer money market funds have rushed to follow each other in announcing a change of heart: posting the net asset values for some of their funds every day, allowing investors to see the minor fluctuations that can occur even as shares trade at a constant $1 apiece.

Goldman Sachs Asset Management, JPMorgan Chase, Fidelity, BlackRock, Federated Investors, Charles Schwab—many of the biggest players in the $2.6 trillion industry have made the concession to transparency, after long resisting efforts by regulators.