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"SEI, Rival Money Funds Go on Offense to Avoid 'Breaking the Buck'"
Nov 13 07
WSJ Says "SEI, Rival Money Funds Go on Offense to Avoid 'Breaking the Buck'". The article quotes Money Fund Intelligence, saying "2007 is beginning to rival 1994's derivative crisis as the most dangerous event" in money fund history. It discusses credit enhancements sought by SEI, STI and others to protect SIV holdings. SEI chief executive Alfred West said, "We understand that others in our industry are taking similar action." (See our News brief yesterday on SEI's "Capital Support Agreements".) The Journal adds, "About 5% of prime money-market mutual-fund assets have SIV-related investments, according to estimates last week from Bank of America analyst Michael Hecht.
