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Article: MONEY MARKETS SAFER BET.(BUSINESS)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- October 15, 2001
CopyrightCOPYRIGHT 2001 Albany Times Union. 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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Byline: LISA SINGHANIA Associated Press
NEW YORK -- Thirty years ago this month, Americans got a new place to stash their cash: money market mutual funds.
The first such fund opened to investors in 1971, with the debut of the Reserve Fund. Today there are an estimated 1,042 U.S. money market funds, with assets totaling more than $2 trillion, according to the Investment Company Institute, a mutual fund industry group. Money market funds are a huge part of the mutual fund industry, accounting for nearly a third of all fund assets.
Investors like money market funds because they generally offer higher rates of return than a regular checking or ...