32 Cents on the Dollar Scant Reprieve for Primary Fund Investors

October 6, 2008

Investors in the now-defunct Primary Fund got their first indication of when they can expect redemptions last Monday, when Reserve Management announced it would return 32% of the fund's assets as of Sept. 15, or $20 billion, on Oct. 13. As the advisor succeeds in selling asset-backed commercial paper, certificates of deposit and other assets, and as debt instruments mature, Reserve will announce when and how much of the outstanding $22 billion will be repaid. So far, only $10 billion has been cashed out.

The full article is available to Money Management Executive subscribers only

Already a print subscriber? As a print subscriber, you are entitled to online access. Please click here to activate your account.