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Fidelity Live With New 14 Basis Point Institutional Money Fund Classes. Fidelity Investments tells us that its new 14 basis point Institutional share classes launched yesterday. The new Fidelity Institutional Money Market Portfolio Institutional (FNSXX) and Fidelity Inst MM Prime Inst (FIPXX) will have $10 million minimum investments and will be waiving 4 basis points of their total 18 bps in expenses. The new Fidelity funds have been added to online trading portal BNY Mellon LMS (Liquidity Management Service). They join the 13 bps expense Federated Money Market Management Premier Shares, the 13 bps Wells Fargo Advantage Cash Invest Select, the 14 bps UBS Select Prime MMF Preferred, State Street Inst Treasury Inst, and others as new "super-premium" share classes designed to court the high-end institutional marketplace. (See also: Crane Data's 10/31/07 News "Federated Enters Super Institutional Market, Exits Enhanced Cash", Nov. Money Fund Intelligence's "Giants Launch Super Premium Share Classes", and July MFI's "How Low Can Expenses Go?") In other new Fund Filing news, GE Money Market Institutional and ING Institutional Prime Money Market Market IS have filed new fund registrations and are pending launch.
