Reuters writes "Aviva moves to calm money market fund investors". The article discusses the move by "offshore" money funds Aviva Investors Euro Liquidity Fund and the Aviva Investors Sterling Liquidity Fund to shift to a variable NAV from constant NAV. Reuters says, "Aviva Investors said on Wednesday the pricing of its Sterling and Euro liquidity funds will now be allowed to fluctuate according to mark-to-market valuations. Previously, both funds used a constant net asset value (CNAV) policy to keep NAV stable at 1 pound per share by distributing profits to investors or using dividend yield to boost NAV should it fall.... Richard Warne, Aviva Investors' head of institutional distribution, denied the move signalled the funds were poised to 'break the buck', or fall below the 1 pound NAV implied by CNAV." Some speculate the move was intended to avoid an immiment downgrade from Moody's based on the ratings agency's new parental support criteria (see Crane Data News from Wed.). See also `"Moody's changes ratings designation of Aviva GBP and Euro Funds "
