Karachi -- Faysal Money Market Fund
informed Pakistan Stock Exchange that board of directors meeting of the company will be held on September 12, 2019 at Karachi.
Banque Misr Money Market Fund
, managed by Beltone Asset Management, acquired the largest market share among investment funds by 33.2% with total assets of EGP 14.9bn, up 10.6% from the end of last year.
There is currently uncertainty whether reverse distribution or share cancellation mechanisms, which are routinely used in money market funds
to transfer market-driven negative yields to end investors, are permitted under the pending European money market fund
In each, the participants argued that stable value funds produced a higher rate of return (ROR) than did money market funds
. Thus, a stable value fund should have been made available as an investment option under the plan--and, possibly, in lieu of a money market fund
or other option with a lower ROR.
Under the new rule, prime institutional money market funds
, which invest in short-term corporate debt, and institutional municipal money market funds
can no longer maintain a constant $1 per share price.
An avalanche of money moved between the two major flavors of money market funds
in anticipation of the October changes, as many investors--including insurers--opted for capital preservation and quick access to their funds over higher yield.
While ICI says funds are ready to comply with the SEC's new rules for money market funds
that kicked in last month, the mutual fund industry trade group warned advisors and investors to tread carefully.
Global Banking News-June 7, 2016--BMO Global Asset Management unveils Institutional Prime Money Market Fund
As US government money market funds
, both funds provide investors with a stable USD1 net asset value (NAV).
Target: Certain assets of Huntington Asset Advisors relating to its management of two money market funds
At the time, SEC Chair Mary Jo White said the reforms would "fundamentally change the way money market funds
operate." She suggested that the changes, when they fully take effect in the fall of 2016, will "reduce the risk of runs in money market funds
and provide important new tools that will help further protect investors and the financial system."