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More Details on Money Fund Capital Support and Cash Infusion Actions. Recent financial company earnings reports have shed more light upon the ten capital support or capital infusion actions taken by money market mutual fund advisors to date. Most recently, SEI Investments hosted a conference call where CFO Dennis McGonigle discussed the company's $25.1 million charge over a capital support agreement for three money funds. McGonigle notes that this amount "should not be taken as a loss estimate" but is the amount required by ratings agency S&P to maintain the fund's triple-A ratings. "Ultimately, we think [SIVs] Cheyne and Victoria will be successfully restructured, although we cannot predict the timing or the net impact on the holdings," he says. McGonigle noted in response to a question that Cheyne's underlying assets are still 96% AA or better and 67% AAA and that Victoria's assets are 76% AAA. "The issue is one of liquidity.... The credit quality of the underlying collateral remains strong.... We feel like we're pretty conservatively priced." Look for an updated version of advisor infusions and loss estimates to date in the upcoming February issue of Money Fund Intelligence.
