Dow Jones' writes "Schwab: May See 'Upward Pressure' On Money Market Fund Fee Waivers". The article says, "Charles Schwab Corp. Chief Financial Officer Joe Martinetto said the discount brokerage could 'see upward pressure on money market fund fee waivers,' but such fees wouldn't approach the high water mark of the first quarter of 2010. With interest rates low for more than a year, Schwab has been waiving fees on its money market funds so that clients' returns don't turn negative. Schwab waived $93 million in such fees in the third quarter, down from $113 million in the prior quarter. The company's first-quarter results included $125 million in fee waivers. During an interim business update for institutional investors, Martinetto said the San Francisco-based company 'expects to make up some ground' in the fourth quarter in terms of one of its revenue growth projections." In other news, coverage of the release of the President's Working Group report bumped one of last week's news stories. Northern Trust reported earnings and made several mentions of money funds. Northern said, "Waived fees in money market mutual funds were $10.4 million in the third quarter as compared with $12.9 million in the prior quarter and are attributable to the continued low level of short-term interest rates. Investment management fees benefited from the improved markets and new business, offset by waived fees in money market mutual funds due to the persistent low level of short-term interest rates. Money market mutual fund fee waivers in C&IS totaled $2.5 million in the current quarter compared with $.8 million in the prior year quarter.... Average money market assets equaled $19.2 billion, up 5% from the prior year period's average of $18.3 billion."
