Shift by brokers, advisers hits money funds; Clients showing preference for accounts with FDIC insurance.(News)

Investment News,  November, 2004  

Tags: advisor, asset, bank, banking, FDIC

• E-mail
• Print
• Link

Byline: Jeff Benjamin DETROIT - A "quiet revolution'' in the way brokers and advisers manage their clients' cash balances could represent the beginning of the end for money market mutual funds, according to a new study of cash management practices in the financial services industry.

The report, scheduled for release later this week by iMoneyNet Inc. in Westborough, Mass., shows that the retail money market fund is being steadily supplanted by government-insured bank deposit accounts as the preferred parking space for the cash portion of an investor's portfolio. ...

Read the rest of this article with a Free Trial at HighBeam Research.