Skip navigation

Current DateTime: 08:27:05 11 Jul 2009
LinksList Documentid: 24355697
  • Highest Grossing Movies

      What are the highest grossing movies of all time, adjusted for inflation? Click ahead to find out!

  • Most Expensive Places To Live

      Each year, Mercer Consulting assembles its ranking of the most expensive places to live. Mercer compiles information from 143 cities worldwide.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.


Current DateTime: 08:27:05 11 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

SEC Urged to Suspend Redemption Rights on Two Funds
By: CNBC.com With Wires | 19 Sep 2008 | 07:07 PM ET
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

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon


Current DateTime: 01:05:47 11 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:05:47 11 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 07:18:53 11 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:05:48 11 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters