Financial Services Industry
Industry: Email Alert RSS FeedFast losing interest in money markets; Meager yields are a growing cause for concern.(News)
Investment News, June, 2003
Byline: Brooke Southall An old friend to financial advisers is turning into a new worry. With interest rates plunging and talk of deflation on the rise, advisers are getting anxious about holding cash in money market funds. Advisers are currently holding greater portions of their clients' cash in this highly liquid and historically reasonable alternative to holding cash.
But with the yield for the average taxable money fund hovering around 1%, this former safe haven is looking more like quicksand for assets. Advisers who prefer to keep a portion of client assets in a holding pattern are getting a sinking feeling. "It plays into our thinking,'' says Reginald Tilley, principal with Bellevue, Wash.-based Appropriate Balance...
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