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Article: Smaller percentage of money funds waiving management fees. (Quarterly Report on Money Fund Performance) (Investment Products) (Brief Article)
- Article from:
- American Banker
- Article date:
- August 22, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The proportion of money market mutual funds that waived fees for management expenses declined in the second quarter from a record high earlier in the year, according to an industry newsletter.
The Quarterly Report on Money Fund Performance said that 57% of money market funds waived all or a portion of these fees, down from 60.2% in the first quarter, the highest level ever recorded.
There were 997 money market funds with $586.9 billion in assets as of June 30, the report said.
The Quarterly Report did not say how many banks waived fees for money funds they managed. But with $133 billion in their money funds as of June 30, banks are clearly major players in the ...