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Article: Loan fiasco leads to money fund concerns; Fearing ties to mortgages, some advisers yank millions from money funds.(News)
- Article from:
- Investment News
- Article date:
- December 17, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, 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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Byline: Sara Hansard
Advisers are getting nervous about their money funds.
In reaction to mounting concerns about the spreading subprime-credit crisis, some advisers are starting to move their clients' assets out of money market funds and into vehicles they perceive as less risky, such as government security funds.
This week, for example, Reason Financial Advisors Inc. of Northbrook, Ill., will move about $1 million out of the TDAM Money Market Portfolio, which is run by TD Asset Management USA Funds Inc. of New York, and into the TDAM U.S. Government Portfolio. Executives at Reason Financial Advisors are worried that the money fund is invested ...