Guardian.co.uk writes on Threadneedle
Erroneous reporting on "money market funds" by the press continues as the Guardian.co.uk writes "'Ultra safe' money market fund loses millions". The article refers to losses on Threadneedle UK Money Securities, "L450m money market fund, regarded as an ultra safe alternative to cash, has lost millions of pounds". But this fund is NOT a money market mutual fund. Alas, Europe has no regulations definining the term "money market fund" and restricting the quality, maturity and diversity of investments, so funds are free to label themselves as they wish. However, the Threadneedle fund makes no mention of "money market fund". While organizations such as IMMFA and others are trying to establish a distinction between funds, it's clear Europe is in need of more stringent regulations and its reporters are in need of more education on the subject.
