- Stocks Likely Don't Need Santa to Keep Rally Going
- Ford, GM, Toyota US Sales Up, But Chrysler Falls
- Larry Kudlow's Open Letter to Tiger Woods
- AIG Slashes US Debt Under Deal With New York Fed
- Commercial Property Fears Are Overblown: Zell, LeFrak
- Trump: Time to Force Banks to Start Lending
- Seamstress Fined $5.7 Million for Insider Trading
- Super Fantasy Christmas Gifts of 2009
- Accused Ponzi Schemer Rothstein Arrested
MOST SHARED
- Commercial Property Fears Are Overblown: Zell, LeFrak
- Pending Home Sales Have Record Rise; Construction Flat
- AIG Slashes US Debt Under Deal With New York Fed
- US Manufacturing Grew Less Than Expected in November
- Somali Sea Gangs Create Pirate Stock Exchange
- Retailers 'Friend' Facebook as Marketing Budgets Shrink
- More Late on Auto Loan Payments in Third Quarter
- S&P Stocks Trading at New 52-Week Highs
Text Size 
U.S. money management firm The Reserve said on Friday two of its funds have filed an application with the U.S. Securities and Exchange Commission asking to be allowed to suspend or delay redemption requests due to a massive rush by investors to withdraw their money.
Reserve said its $62 billion Primary Fund has received redemption requests for about $60 billion this week. The firm asked the SEC for the right to suspend redemptions from both its Primary Fund and its U.S. Government Fund in order to protect the funds' shareholders.
On Thursday, U.S. asset manager Putnam Investments said on Thursday that it had closed its $15 billion Prime Money Market Fund due to redemption pressures.
Putnam, a unit of Canada's Great-West Lifeco, said in a statement that the board of trustees of its funds had voted to close the institutional money market fund as it faced "significant redemption pressure" on Sept. 17.
The normally rock-solid reputation of money funds—which typically invest in short-term debt such as government and corporate bonds— took a major hit Tuesday when the value of Primary Fund RFIXX shares fell below the $1 benchmark for the funds.
The phenomenon, generally known as "breaking the buck," means that holders in that fund actually lose money.
—Reuters contributed to this report
Print
Email
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- A conservative author aims to remind readers why capitalism works for the common good.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes