The Reserve is poised to launch two new funds, Reserve Primary II Fund and Reserve U.S. Government Fund II, which will be open for trading until 5:30 p.m. Eastern. This will make Reserve just the second fund family to remain open past the 5:00 p.m. trading barrier. BlackRock has been the sole option for anyone investing from 5:00 until 5:30 since it moved its deadline back in 1996 with its flagship BlackRock TempFund, BlackRock TempCash, and BlackRock T-Fund.
The new Reserve funds will be managed similarly to their "sister" funds Reserve Primary Fund and Reserve U.S. Government Fund, which are currently open until 5:00 p.m. Reserve, the 13th largest and oldest money fund manager, runs $73 billion in U.S. money fund assets and over $100 billion in total "cash" assets (including offshore money funds and bank deposit programs).
Several other firms have been looking at extending their deadlines too, but operational difficulties and limited market supply options have prevented other funds from following to-date. A number of the largest institutional money funds currently have 5:00 p.m. trading deadlines, including (among others): Goldman Sachs FS Prm Ob Ins, JPMorgan Prime MM Capital, Dreyfus Instit Cash Adv IA, Fidelity Instit MM: MM Port I, Federated Prime ObIigations IS, DWS MM Series Instit.
Note: For a listing of trading deadlines for all money market funds, see the latest edition of our Money Fund Intelligence XLS. (See column 'BE'.) To request a copy of MFI XLS, e-mail Pete.
