Last Friday, Fund Action wrote "​Smaller Money Funds Throw in the Towel", which said, "As new regulation looms and firms assess damage from the credit crunch, the money market fund industry is consolidating." We disagree with this contention, however, as Fund Action is only able to cite a handful on marginal players leaving the space, such as Pax World Funds and Capital One (​moving to Fidelity). There hasn'​t been a substantial departure from the money fund space since Alliance sold its fund management to Federated many years ago.

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