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Article: Money funds hit $1 trillion in assets
- Article from:
- Chicago Sun-Times
- Article date:
- August 11, 1997
- Author:
CopyrightCopyright 1997 Chicago Sun-Times. (Hide copyright information)
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NEW YORK Just a little over a quarter-century since they first
appeared on the financial scene, money-market mutual funds have
passed an impressive milestone - $1 trillion in assets.
In the span of a single generation, they have established
themselves as a prime vehicle for savings and cash management in this
country, appealing to investors in all kinds of interest rate
conditions.
The first money funds were organized in 1971 and 1972 as a
convenient way for small investors to gain access to the interest
yields offered by money-market securities such as Treasury bills,
large bank certificates and commercial paper issued by corporations.
In early August, the Investment Company Institute, ...