The Reserve family of funds, which originated the money market fund concept with what is now called The Primary Fund and has some $120 billion under management, announced September 16 that The Primary Fund has broken the buck, putting the NAV at $0.97 as of 3:00 PM on September 16. The Reserve said it was taking the step after revaluing the $785 million face value of Lehman Brothers debt held by the fund at zero. Moreover, The Reserve said it is instituting a seven-day redemption delay from The Primary Fund. Beginning Sep. 17, The Reserve said it will calculate the NAV of The Primary Fund, which reportedly had about $23 billion in assets on Sep. 16, once a day at 5:00 PM Eastern time.
After a June hike, Vanguard's forecast is pricing in a rate pause by the Fed.
Surprisingly, the top state on this list is a hot spot for retirees.
IRI is praising the SEC's approach. Three other groups told the NAIC they want a buffer against state fiduciary rule proposals.
Sponsored by American Portfolios
Making sure customers are satisfied is no longer enough. Discover six ways to delight your clients, while solidifying your bond.
Sponsored by FTJ | FundChoice
You need a way to effectively manage client expectations, especially when the market makes erratic swings. Answers to three key questions will give you a great place to start.
Sponsored by Orion Advisor Services
Winning & retaining clients in today’s landscape requires you to have the ability to customize portfolios to their individual needs.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.