Crane Data Subscribers
"Money-Market Funds Get a Boost From Bank Portals" Says U.S. Banker. The November issue of U.S. Banker magazine contains an article entitled "Money-Market Funds Get a Boost From Bank Portals". The monthly publication quotes Peter Crane and Crane Data statistics extensively on the growth of institutional money funds, the advantages of institutional money funds during falling rate scenarios and on the growing use of online money market trading portals by banks. "Of the 16 portals now in the online money-fund supermarket, at least six are affiliated with banks, including Bank of New York, Citigroup, Comerica, LaSalle, PNC and U.S. Bancorp. Crane expects two more banks will soon join them: UBS and Wachovia," quotes the U.S. Banker article.
The piece also quotes CacheMatrix's George Hagerman, "The amount the bank gets paid usually ranges from five basis points to 12 basis points, with an average of about seven". Marianne Bamonte of LaSalle's MoneyMarketsExpress portal (whose team was already integrated with Bank of America's at AFP) adds that money fund portals were "a hole in the suite of corporate-client services".
