Financial Services Industry
Industry: Email Alert RSS FeedM&M, Fidelity offer mutual funds default cover.(Marsh and McLennan, Fidelity Investments)
National Underwriter Property & Casualty-Risk & Benefits Management, October, 1996 by Connolly, Jim
Providing that extra assurance for money market fund investors by insuring against potential defaults of securities held by funds is an idea that is gaining ground, if two recent announcements are any indication. In a move analysts say should please the conservative investor and give Fidelity Investments a marketing edge, the giant mutual fund family intends to establish a mutual insurance company to cover up to $100 million in losses from potential defaults of securities held by its money market funds.
In a separate announcement on Aug. 26, New York-based Marsh & McLennan introduced their own program. Typically, fund families try to keep their money market share prices, which are not guaranteed, from falling below a dollar. Fidelity has filed an...
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