At Least 10 Fund Companies Sign Up for Money Market Guarantee

So far, more than 10 mutual fund companies are signed up for the Treasury's $50 billion guarantee program for money market funds, including BlackRock, Charles Schwab, Dreyfus, Evergreen, Federated, First American, Invesco AIM, JPMorgan Chase, Morgan Stanley, Putnam, TCW, and Legg Mason's Western Asset Management. Other fund companies are expected to sign on before the deadline today, according to the New York Times.

The program, which is open to all publicly offered U.S. money market funds that pay a fee to participate, insures investors' holdings for three months, although it may be extended through Sept. 18, 2009, according to the Treasury.

The guarantee applies only to balances held as of September 19. It doesn't apply to investors in the Reserve Primary Fund, which broke the buck on September 16, then froze accounts. On Monday, Reserve Management Corp. announced it will liquidate the fund.

According to the WSJ, asset managers who say they're still considering the plan include:

• American Century, which is likely to participate but hasn't made a final decision

• Fidelity Investments and Oppenheimer Funds

• Alpine Woods Capital Investors

• Vanguard Group

Reader Comments Read all comments (8)

Add Your Thoughts

Comment Name State Select One AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY International Email

Please enter the two words below into the text field underneath the image.

Incorrect please try again

Enter the words above: Enter the numbers you hear:

Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.