All of the largest managers have signed up to renew their Prime funds' participation in the U.S. Treasury's Temporary Guarantee Program for Money Market Funds, which has extended protection until Sept. 18, 2009. But fund families have unanimously dropped coverage for Treasury funds, and half have dropped coverage for Government funds. Below, we list the declarations regarding coverage for the largest managers, and include links to the press releases to date. (To see the Treasury's release, click here.)
Among the Top 5 managers of money funds, Fidelity Investments, which manages $503 billion in money funds, will cover Prime and Tax-Exempt funds, but will not cover Government and Treasury funds. (See "Fidelity Investments Extends Participation for Certain Money Market Funds in U.S. Treasury Temporary Guarantee Program".) JPMorgan, which manages $381 billion, will renew coverage on Prime and Tax-Exempt, but not Treasury and Government funds. Federated Investors, which manages $315 billion, will renew coverage on Prime, Tax-Exempt and Government money funds, but not Treasury. BlackRock, which manages $247 billion, will cover Prime, Tax-Exempt and some Government, but will exclude Treasury and some Government funds (see "Shareholder Update on US Treasury Plan"). Dreyfus, which manages $238 billion, will cover Prime and Tax-Exempt, but not Government and Treasury (see "Dreyfus and BNY Mellon ... Filed for Extended Coverage in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds through September 18, 2009").
Among those money fund managers ranked 5 to 10, Goldman Sachs, which manages $217 billion, will cover Prime and Tax-Exempt but not Government and Treasury funds. Schwab, which manages $209 billion, and Vanguard, which manages $206 billion, will cover Prime and Tax-Exempt only. Columbia, which manages $146 billion and which declined to cover Government funds last time, will cover Prime and Tax-Exempt funds only. Wells Fargo, which manages $133 billion, will cover Prime, Tax-Exempt and its Government funds.
Other managers that have posted statements saying they will renew coverage for Prime and Tax-Exempt funds include: Western (Legg Mason/Citi), which manages $105 billion and will cover all but Treasury funds; Northern, which manages $79 billion and will cover Government funds too (but not Treasury); Invesco AIM, which manages $78 billion and will exclude Government and Treasury funds; DWS, which will insure all but Treasury; Morgan Stanley, which will insure everything including its Treasury fund; First American, which will also exclude Government and Treasury funds; Evergreen, which exclude Treasury funds; SSgA Funds, which will insure Prime and Tax-Exempt funds only; Barclays, which is insuring its Prime funds only.
Other letters declaring coverage include those from: RidgeWorth, T. Rowe Price, and American Century. The only company to decline to renew coverage to date is Credit Suisse, which is liquidating its money funds (see filing) and which has already lost the majority of its assets. Check back for additional updates later today.
