Crane Data, which produces largest annual gathering of money market professionals, Crane's Money Fund Symposium, and the "basic training" event, Money Fund University, announces the launch of its third event, and first international offering, Crane's European Money Fund Symposium. European Money Fund Symposium will be held at the Conrad Hotel in Dublin, Ireland on September 24-25, 2013, and will feature many of the world's foremost experts on "offshore" money market mutual funds. Registration, which is $1,000 USD (or 750 Euros), is now open and hotel reservations are now being accepted.
Our Peter Crane writes, "Dear Money Fund & Cash Investment Professional: I'm pleased to announce the launch of Crane's European Money Fund Symposium, Sept. 24-25, 2013, at The Conrad Hotel in Dublin, Ireland. Crane Data's U.S. Money Fund Symposium attracts the largest gathering of money fund professionals in the world, so we expect our inaugural European event to attract a robust crowd. We're now accepting registrations and hotel reservations, and are happy to discuss speaking and sponsorship opportunities."
He adds, "European Money Fund Symposium will offer money market portfolio managers, investors, issuers, and service providers a concentrated and affordable educational experience, as well as an excellent and informal networking venue. Our mission is to deliver the best possible conference content at an affordable price to money market fund professionals and investors. Attendee registration for Crane's European Money Fund Symposium is $1,000 (or E750). A block of sleeping rooms has been reserved at The Conrad Dublin. The conference negotiated rate of E179 single and E189 double are available through September 5th. We hope to see you in Dublin!"
The preliminary Day One Agenda for Crane's European Money Fund Symposium includes: "State of MMFs in Europe & IMMFA Update" with Jonathon Curry, Global CIO Liquidity, HSBC Global Asset Management; "Global Regulatory Issues: What's Next?" with Dan Morrissey, Partner & Head of Asset Management, William Fry and John Hunt, Partner, Nutter, McClennen & Fish; "Risks & Ratings: Areas of Concern" with Yaron Ernst, Managing Director, Moody's Investors Service; "Monitoring European & Offshore MFs" with Peter Rizzo, Managing Director, Standard & Poor's and Aymeric Poizot, Head of EMEA Fund Ratings, Fitch Ratings; "Major Issues in Euro Money Funds" with Jason Granet, MD & Head International Liquidity PM, Goldman Sachs Asset Mgmt and an as yet unnamed Portfolio Manager from J.P. Morgan Asset Management; "Major Issues in Sterling Money Funds" with Jennifer Gillespie, Head of Money Markets, Legal & General I.M. and Jonathan Curry, Global CIO Liquidity, HSBC Global Asset Management; "Major Issues in USD & US Money Funds with Debbie Cunningham, MM CIO, Federated Investors and Jennifer Yazdanpanahi, Head of EMEA Cash, SSgA; and, "MMFs in Asia & Emerging Markets" with Peter Crane, President & Publisher, Crane Data and Andrew Paranthoiene, Director, Standard & Poor's.
The Day Two Agenda includes: "Dublin as a Domicile for Money Market Funds" with Pat Lardner, Chief Executive, Irish Funds Industry Association; "Distribution Panel: New Markets & Concerns" with Rich Boyd, Sr. VP & Head of Business Development, Federated Intl Management Ltd, Jim Fuell, Head of Global Liquidity, EMEA, J.P. Morgan Asset Management; and Kathleen Hughes, Global Head of Liquidity Sales, Goldman Sachs A.M.; "Dealer Update & Supply Discussion" with Kieran Davis, European Head of ST Trading, Barclays, Jean-Luc Sinniger, Director, Citi Global Markets and David Hynes, Partner, Northcross Capital LLP; "From the Regulators Perspective" Bank of England, EU Regulator (Invited); "Portal Panel: Beyond MMFs & Transparency" with Justin Meadows, Chief Executive, MyTreasury, Greg Fortuna, MD, State Street's Fund Connect, and Maryum Malik, Director of Business Development, SunGard; "Back Office Briefs: Accounting & Servicing"; and "Portfolio Manager Roundtable & Open Talk."
Sponsors to date of the event include: Moody's Investors Service, Federated International, J.P. Morgan Asset Management, State Street Global Advisors, MyTreasury, Standard & Poor's. Sponsorship levels are $3K, $4.5K, $6K, and $7.5K, and limited speaking opportunities remain. Visit www.euromfs.com or contact us for more details.
Finally, preparations are being made for Crane Data's flagship event, Money Fund Symposium (www.moneyfundsymposium.com), which will take place June 19-21, 2013, at The Baltimore Hyatt Regency. We expect over 400 money fund managers, marketers and professionals, money market securities dealers and issuers, servicers and cash investors of all stripes. We hope to see you in June in Baltimore!
The April issue of Crane Data's Money Fund Intelligence newsletter, which was e-mailed to subscribers Friday morning, features the articles: "A Little Too Quiet on Reg. Front; Waiting for White," which again talks about potential pending regulations; "S&P's Rizzo & Friedman Talk MFs, 'AAAm' Ratings," which profiles two ratings agency veterans; and, "Worldwide Money Fund Assets Q4'12: U.S. Jumps," which discusses the latest statistics on money funds globally. We've also updated our Money Fund Wisdom database query system with March 31, 2013, performance statistics and rankings, and our MFI XLS will be sent out shortly. Our March 31 Money Fund Portfolio Holdings are scheduled to go out on Wednesday, April 10. Note that we've also made some changes to the agenda for Crane's Money Fund Symposium, which will be held June 19-21, 2013, in Baltimore, Md. Registrations ($750). We urge attendees to book hotel reservations soon via our website at www.moneyfundsymposium.com.
Our piece on the SEC and FSOC says, "After months of seemingly nonstop heated discussion on potential pending money fund regulatory proposals, the debate has suddenly gone quiet. While the nomination of Mary Jo White to head the SEC, which is expected as soon as next week, may move things forward again, there remain no imminent SEC or FSOC proposals. But while we didn't get a proposal by the end of the first quarter, many expect the SEC to issue one within another month or two. We'll wager that it'll be a little longer still."
MFI also writes in its monthly "profile," "This month, Money Fund Intelligence interviews Standard & Poor's Financial Services' Peter Rizzo, Managing Director and Joel Friedman, Senior Director in S&P's Funds Ratings Group. Each of them have been involved in rating money funds for over 20 years, and S&P's funds rating business is preparing to mark its 30th anniversary later this year. S&P currently rates about 450 funds 'AAAm' for principal stability which account for $2.48 trillion globally. Our Q&A follows."
The article on Worldwide Money Fund Assets explains, "The Investment Company Institute released its latest Quarterly Worldwide Mutual Fund data yesterday for Q42012. Crane Data pulled out the money market information and analyzed the latest results. Money market fund assets worldwide rose by $154.5 billion, or 3.3%, during Q4 to $4.973 trillion. They rose by $97.8 billion, or 2.1%, during 2012 overall."
The piece adds, "U.S. money fund assets continue to make up the majority of all assets worldwide. U.S. assets jumped by $142.2 billion in the 4th quarter to $2.694 trillion, which is 59.4% of all money fund assets. For 2012, US MMF assets rose by just $2.1 billion, or 0.1%." (To request our latest spreadsheet of worldwide assets, e-mail Pete and ask us to send it.)
In other news, Reuters writes "As yields dwindle, 'cash' fund investors take on more risk". It says, "A hunt for higher yields by risk averse investors is helping spark a resurgence in funds that can invest more broadly and take bigger risks than strictly regulated money market funds. The growth in these so-called cash funds, however, is worrying for some who see it as another symptom that the Federal Reserve's ultra loose monetary policy is bringing on another broad credit boom that could end badly for borrowers, lenders and investors."
It explains, "Assets in these funds that have average weighted maturities up to a year, excluding exchange-traded funds, have grown to $48 billion as of February 2013, from $36.4 billion at the end of 2011, according to data by Lipper. At the end of 2008 there was just $12.1 billion in the funds. BlackRock, Oppenheimer, Pioneer, Fidelity and Putnam are among those that have launched such funds in the past two years."
The piece quotes, "The history of mutual funds is the story of demand creating its own supply," said Peter Crane, President of Crane Data, which analyses money fund investments. Crane said the main risk is the possibility of an investor exodus on concerns about what the funds are exposed to, as happened in the crisis on concerns over asset-backed exposures at both regulated money funds and enhanced cash alternatives. Many of the newer funds have not been tested in an environment of volatile or falling markets. Investors that hunt out higher yields for yields' sake may be among the most likely to run at the first sign of trouble, Crane said."
Finally, ICI's latest "Money Market Mutual Fund Assets" says, "Total money market mutual fund assets increased by $2.61 billion to $2.631 trillion for the week ended Wednesday, April 3, the Investment Company Institute reported today. Taxable government funds decreased by $2.25 billion, taxable non-government funds increased by $4.40 billion, and tax-exempt funds decreased by $460 million."
The brochure and preliminary agenda are now available for Crane Data's 5th annual Money Fund Symposium, the largest gathering of money fund professionals anywhere, which will be held June 19-21, 2013 at The Hyatt Regency Baltimore. The Agenda has been posted on the Symposium website (www.moneyfundsymposium.com), which is also now accepting registrations ($750) and hotel reservations. Brochures will be sent to past attendees and to Crane Data subscribers later this week. (E-mail us at firstname.lastname@example.org to request the full brochure.) Last year's Money Fund Symposium in Pittsburgh attracted over 420 money fund managers, marketers and servicers, cash investors, and money market securities dealers and issuers, and was supported by 30 sponsors and exhibitors.
After an initial "Welcome to Money Fund Symposium 2013" by Peter Crane, President & Publisher of Crane Data, this year's agenda will start the afternoon of June 19 with the keynote speech "Moving Forward: Money Funds & Washington" by ICI's Paul Schott Stevens. The opening afternoon will also feature: "The Treasury Talks: FSOC & Floating Notes" with U.S. Department of the Treasury's Matt Rutherford. This will be followed by a session entitled, "Corporate & MMFs: Liquidity Is Still King" with Jeff Glenzer from the Association for Financial Professionals and Tony Carfang of Treasury Strategies. The first day will close with a panel, "Major Money Fund Issues 2013" featuring Charlie Cardona of BNY Mellon CIS/Dreyfus, Debbie Cunningham of Federated Investors and Nancy Prior of Fidelity Management & Research. The opening reception will be sponsored by Bank of America Merrill Lynch.
Day 2 of Money Fund Symposium features: "The State of The Money Market Fund Industry" with Peter Crane of Crane Data and Robert Deutsch of J.P. Morgan Asset Management; "Senior Portfolio Manager Perspectives" with Chris Stavrakos of BlackRock, Dave Sylvester of Wells Fargo Funds and John Tobin of J.P. Morgan Asset Management; "Repurchase Agreement Issues & Update" with Joseph Abate of Barclays Capital and Rob Sabatino of UBS Global Asset Management; and "Municipal Money Fund Market Update" with Helena Condez of T. Rowe Price Associates, Colleen Meehan of Dreyfus Corp., and Ron Vandenhandel of Deutsche Bank.
The afternoon of Day 2 (after a Dreyfus-sponsored lunch) features: "Dealer Doings: Supply, Innovations, Concerns" moderated by Lu Ann Katz of Invesco and featuring Chris Condetta of Barclays Capital, John Kodweis of J.P. Morgan Securities, and Jean-Luc Sinniger of Citi Global Markets; "Government Agency Issuers & Supernationals" with Jonathon Hartley of FHL Banks Office of Finanace, Regina Gill of Federal Farm Credit Funding, and Michael Schulze of KfW; "Risks to Ratings: Areas of Concern" with Peter Yi of Northern Trust, Roger Merritt of Fitch Ratings and Peter Rizzo of Standard & Poor's; and "Survivor: Update on European Money Funds" with Jonathon Curry of HSBC Global Asset Management and Dan Morrissey of William Fry. (The Day 2 reception is sponsored by Barclays.)
The third day of Symposium features: "Strategists Speak '13: Fed, Cash Plus & Europe" with Brian Smedley of Bank of America Merrill Lynch, Alex Roever of J.P. Morgan Securities, and Garret Sloan of Wells Fargo Securities; "Regulatory Roundtable: Pending & Potential" with John McGonigle of Federated Investors, and possibly a speaker from the Securities & Exchange Commission (invite pending). The last section includes: "Portal Panel: Beyond MMFs & Transparency" with John Carter of Citi Global Transaction Services and George Hagerman of Cachematrix; and, finally, "Technology Tools & Software Update" with Peter Crane, Anthony Mossa of Bloomberg, and James Morris of Investortools.
Money Fund Symposium 2013 promises once again to be "the" place to be for money market professionals -- register and reserve your spot today! Exhibit space for Money Fund Symposium is $3,000; and sponsorship opportunities are $4.5K, $6K, $7.55K, and $10K. Finally, our next Crane's Money Fund University is tentatively scheduled for Jan. 23-24, 2014, in Providence. Note too that Crane Data is preparing to launch its first European Money Fund Symposium, which is tentatively scheduled for Sept. 26-27, 2013 in Dublin, Ireland. Contact us or watch for more details in coming weeks.
The Associated Press about the new trend of daily posting of money funds' market NAVs in "TMI? New disclosures by money-market funds are about more than just an investor's need to know." The article says, "The more informed you are, the better. Yet there's so much information about mutual funds available, from performance data to legal disclosures, that it's understandable to wonder what information you really need to know. For the past three weeks, many investors have been able to check out new information that falls into this category. On a fund company's website, they can click on list of available money-market funds to see daily updates showing tiny changes in the market value of a money fund's portfolio." (Note: Crane Data's Money Fund Intelligence Daily now includes "shadow" or "market" NAVs for those funds that are publishing them; we label these as "MNAVs".)
AP explains, "Goldman Sachs on Jan. 9 became the first to post daily values of its money funds. More than a half-dozen other companies have since followed suit or announced similar plans. They include the largest money fund provider, Fidelity Investments, as well as such names as Charles Schwab, Federated Investors, BlackRock, JPMorgan and Charles Schwab. There's minimal practical value for average investors to review these numbers. Money funds get relatively little attention because they're low-risk investments, and their portfolios of short-term bonds generate tiny returns even in the best of times."
The article continues, "But by voluntarily making these daily disclosures, the money fund industry is doing more than just serving investors. It's trying to convince regulators that it's open to some degree of change, in hopes of heading off more far-reaching rules that are under consideration to stabilize money funds." AP quotes Peter Crane of money fund researcher Crane Data, "All of a sudden, the industry got religion on transparency. It's throwing a bone to regulators."
AP adds, "With its leadership in transition, it's too early to say how the Securities and Exchange Commission will react to the industry's increased openness. But the step could convince regulators that there's no need to require funds to hold loss reserves -- there are none currently -- or that there's no need to set limits on how quickly investors can withdraw cash."
The article tell us, "So far, money funds are making daily disclosures covering more than half of the industry's assets, according to Crane Data. But there are some holdouts. One is Vanguard.... Each of the more than 200 funds that Crane Data tracked through Jan. 22 posted net asset values above $1 a share. On average, the funds published market values of $1.0002, or a dollar and two-hundredths of a penny. Typically, values are rounded off to four decimal places."
They quote Crane, "Anyone tracking this should expect to see a lot of zeros. So far, there have been no nines, and that's good." Our latest data from MFI Daily shows the 252 funds out of 1,067 we track daily with MNAVs ranging from 1.0000 to 1.0017. Taxable money funds average 1.0001, while Tax Exempt money funds average 1.0004. (The Tax Exempt universe is much thinner as many fund managers are only reporting their "Prime" money fund MNAVs.)
Money fund managers publishing daily NAVs currenty include: BlackRock (most funds), BofA (some funds), Federated (some funds), Fidelity (all funds), Goldman Sachs (all funds), Invesco (most funds), and JPMorgan (all funds). Schwab and Reich & Tang have announced that they will post, but their data has yet to appear. Other fund complexes are expected to join the trend in coming weeks.
Finally, AP quotes Crane, "Anything happening in the world that's important enough to noticeably move a fund's net asset value is probably something that's important enough to be in the newspapers. So you can just stay alert that way, rather than watching all these zeros."
The full and final binder from last week's Crane's Money Fund University has been posted on Crane Data's Content Page (go down to the bottom. All Attendees, Sponsors and Speakers should have received a password, and all Crane Data Subscribers with premium web access should also be able to access the PDF, which contains all the print versions of the Powerpoint presentations, the speaker bios, attendee list and reference materials. The Powerpoint files and session recordings will be added late this week. Thanks to our Sponsors, Speakers and Attendees for a successful event, and we encourage any feedback. Crane Data's next money fund event will be this summer's Money Fund Symposium, which will take place June 19-21, 2013, at the Baltimore Hyatt Regency. Registration is now open, and the preliminary agenda is being finished this week and will be out in early February. Next year's Crane's Money Fund University is planned for the Boston area in late January 2014. Watch for details in coming months. Finally, Crane Data is seeking feedback and input for its first European Money Fund Symposium, an event tentatively scheduled for late September in Dublin. Contact Pete for more details.
The Boston Globe writes "Fidelity to tell money market fund value daily". It says, "Fidelity Investments will start disclosing the real value of its money market mutual fund shares each day, following a move by three New York firms earlier in the week, as the largest players in the $2.5 trillion market try to stave off tighter regulations. Boston-based Fidelity, the nation's largest money market fund manager with $430 billion under its watch, Friday joined Goldman Sachs Group Inc., JPMorgan Chase & Co., and BlackRock Inc. in announcing plans to disclose valuations daily rather than monthly. By Friday afternoon, Charles Schwab & Co., a big Fidelity competitor, followed suit. Fidelity has vigorously fought efforts to increase regulation of money market funds led by former Securities and Exchange Commission chief Mary Schapiro. The financial crisis prompted fears of a "run" on these funds by anxious investors trying to cash out. The move to be more transparent is the latest effort to hold off regulators." The Globe adds, "It was surprising to see several big institutions all make similar announcements about disclosure this week, said Peter Crane, president of Crane Data in Westborough, which tracks money markets." They quote Crane, "It's a sign that funds are getting nervous about serious regulation, and a sign that the campaign that regulators have been on is scaring some investors." The piece adds, "For investors, little will change. They will still buy and sell money market funds for $1 a share. But the precise market value of the investments in the funds will be tallied and disclosed on Fidelity’s website each day, giving investors a more up to date financial view of their holdings."
Bloomberg writes "JPMorgan Joins Goldman in Giving Daily Money Fund Values". It says, "BlackRock Inc., the world's biggest money manager, will begin revealing daily net asset values for all its U.S. money funds on Jan. 16. Goldman Sachs Group Inc. began today to disclose the values for its funds that are eligible to purchase commercial paper, or prime funds. JPMorgan Chase & Co. plans to take that step for all money funds, starting with prime funds on Jan. 14, and Bank of New York Mellon Corp. will make daily market values available 'going forward.'" The piece quotes our Peter Crane, president of research firm Crane Data LLC, "The prime goal here is to diffuse the misperception that's been created by regulators that fund share prices are an accounting fiction. It's a pretty good bet the daily values will show that market-value NAVs don't float." The piece adds, "Crane said he doubted the practical value of disclosing the market values." "The shadow NAVs don't differ materially from the rounded NAVs unless something blows up, in which case you don't see it until after it happens," Crane said.
The January issue of Crane Data's Money Fund Intelligence newsletter, which will be e-mailed to subscribers later this morning, will announce the winners of our MFI Awards, a designation given to the top-performing money market mutual funds for 2012. We also review recent fund news in the article, "Consolidation & Liquidations, Asset Rebound & FSOC Outlook," and feature the profile, "Dechert's Vartanian Says FSOC Jumping the Gun" in our new edition. Finally, we've updated our Money Fund Wisdom database query system with Dec. 31, 2012, performance statistics and rankings, and our MFI XLS will be sent out shortly. (Our Dec. 31 Money Fund Portfolio Holdings are scheduled to go out on Thursday.)
Our piece, "Top MMFs of 2012; Our 4th Annual MFI Awards," says, "In this issue, we once again recognize some of the top-performing money funds, ranked by total returns, for calendar 2012, as well as the top-ranked funds for the past 5-year and past 10-year periods. We present the following funds with our annual Money Fund Intelligence Awards. (See the table on page 6 of MFI for the table with the winners.) These include the No. 1-ranked funds based on 1-year, 5-year and 10-year returns, through Dec. 31, 2012, in each of our major fund categories (our "Type") -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Individual, Government Individual, and Treasury Individual."
MFI says, "The top-performing Taxable funds overall in 2012 and among Prime Institutional funds was Reich & Tang Natixis Liq Prm Port Treas (LQTXX), which returned 0.25%. Among Prime Retail funds, Flex-funds Money Market Retail (FFMXX) again had the best return in 2012 (0.10%). American Beacon US Govt Select (AAOXX) won the Top Government Institutional fund over a 1-year period with a return of 0.09%, while Selected Daily Govt Fund S (SDGXX) won the MFI Award for Government Retail Money Funds (1-year return). BlackRock Cash Treas MMF Inst (BRIXX) ranked No. 1 in the Treasury Institutional class, and Invesco Treasury Private (TPFXX) ranked tops among Treasury Retail funds.
We say about the "Top Funds Over Past Five Years," "For the 5-year period through December 31, 2012, Touchstone Inst MF again took top honors for the best-performing money fund with a return of 1.01%. Fidelity Select MM Port ranks No. 1 among Prime Retail funds with an annualized return of 0.78%. Goldman Sachs FS Govt In (FGTXX) again ranked No. 1 among Govt Institutional funds, while Selected Daily Govt Fund D (SGDXX) ranked No. 1 among Treasury Retail funds over the past 5 years. Vanguard Admiral Treasury ranked No. 1 in 5-year performance among Treasury Institutional money funds, and Invesco Treasury Priv ranked No. 1 among Treasury Retail MM funds."
On the "Best Money Funds of the Decade," MFI comments, "The highest-performers of the past 10 years include: DWS Daily Assets Fund Inst (DAFXX), which returned 2.04% (No. 1 overall and first among Prime Inst); Fidelity Select MM Portfolio (FSLXX), which returned 1.87% (the highest among Prime Retail); American Beacon US Govt Select (AAOXX), which returned 1.85%, (No. 1 among Govt Inst funds); and, Vanguard Federal Money Market Fund (VMFXX), which ranked No. 1 among Govt Retail funds (1.76%). Milestone Treasury Obligs Fin (MIL01) returned the most among Treasury Institutional funds over the past 10 years; and, Goldman Sachs FS Trs Obl Sel (GSOXX) ranked No. 1 among Treasury Retail funds."
MFI's Awards piece adds, "See our additional rankings tables on pages 9-11, and see our Money Fund Intelligence XLS for more detailed listings, percentiles, and rankings. Look for more details in coming days on the website too (www.cranedata.com). Winners will receive a letter and certificate stating their No. 1 ranking and the criteria used. The table below shows the No. 1 ranked money funds for each category based on 1-year, 5-year, and 10-year annualized total returns." Watch for more excerpts from MFI and more awards in coming days.
The Wall Street Journal's CFO Journal writes "Money Fund Inflows Hit Four-Year High as TAG Expires". It says, "Cash flowing into money market funds soared to the highest level in nearly four years during the week ended Tuesday. The move culminated a two-month push into such funds ahead of the expiration of an unlimited Federal Deposit Insurance Corp. guarantee on certain corporate bank accounts Dec. 31, which wasn't renewed for 2013 by Congress last month. Since the week ended Oct. 31, money market funds saw a net inflow of over $158.2 billion dollars, according to data compiled by the Investment Company Institute.... For the week ended on Tuesday, inflows totaled nearly $37.8 billion, the highest inflow level since the week ended Jan. 7, 2009, according to Peter Crane, president of Crane Data, which publishes the Money Fund Intelligence newsletter. The ends of months, quarters and years typically see outflows or weak inflows, which "sealed the deal" that these large inflows were related to the expiration of the FDIC's Transaction Account Guarantee Program, commonly known as TAG, Mr. Crane said." The piece adds, "Though companies did move a significant chunk of cash out of non-interest-bearing accounts and into money funds, Mr. Crane said, they continue to leave the bulk of the $1.5 trillion in such accounts where it is. Many, however, have switched to strategies that separate the cash into several accounts that each fall below the standard, $250,000 threshold for FDIC insurance, he said."
For those planning on attending our Money Fund University in January, time is running out for our discounted hotel rates (the attendee rate ends Dec. 31). As we've mentioned, Crane Data will host its third annual Crane's Money Fund University at The Roosevelt Hotel in New York City, Jan. 24-25, 2013. Money Fund University was designed to offer attendees an affordable and comprehensive two day, "basic training" course on money market mutual funds, educating attendees on the history of money funds, interest rates, Rule 2a-7, ratings, rankings, money market instruments such as commercial paper and repo, and portfolio construction and credit analysis. With our first New York City show, we will continue our expanded focus on money fund regulations and Rule 2a-7, with two sessions on the topic (past and potential future), and we've added new sessions on "offshore" money funds and technology tools. Crane Data is also preparing to publish the preliminary agenda and is accepting registrations for its big show, Money Fund Symposium, which will be held June 19-21, 2013, at the Hyatt Regency in Baltimore, Md.. (See www.moneyfundsymposium.com for details.) Let us know if you'd like more information on this event, and watch for more information in coming days.Archives »