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Funds Sign Up for Money Guarantee Program in Droves
BlackRock, Dreyfus, Evergreen, Federated Among Those First to Sign Up
September 30, 2008
On Monday and Tuesday, immediately after the government announced the opening of its $50 billion insurance program for money market funds, at least eight major fund companies had signed up, including BlackRock, Dreyfus, Evergreen, Federated, Invesco AIM, Morgan Stanley, TCW and Legg Mason’s Western Asset Management.
Kevin Klingert, head and acting chief investment officer of global fixed income at Morgan Stanley Investment Management, said in a statement: “While the Morgan Stanley money market funds have maintained their $1 NAV throughout the recent unprecedented turmoil and continued to meet their stated objectives of capital preservation and liquidity, we are pleased to participate in the U.S. Treasury Temporary Guarantee program to provide an added level of protection for our shareholders.”
In a statement, Federated said it “supports this program as a useful development in bringing additional stability to the credit markets where money market funds are a critical component.”
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