Euro Money Funds Reopen
Bloomberg writes "Goldman, BlackRock Reopen Euro Money Funds as Yields Rise". It says, "Goldman Sachs Group Inc. (GS) joined BlackRock Inc. (BLK) in reopening euro-denominated money-market funds to new clients as yields on the safest debt rose. BlackRock, the world's biggest money manager, lifted a restriction on new investment in its 17.7 billion-euro ($24 billion) Institutional Euro Liquidity Fund this month, Mark Stockley, the firm's head of international cash sales, said in an interview in London on Feb. 14. Goldman reopened its Euro Government Liquid Reserves fund to new subscriptions last week, spokeswoman Anisha Patel said by phone." In other "offshore" money funds news, a press release entitled, "J.P. Morgan Asset Management to publish market-based net asset values (NAVs) for three liquidity funds in its European range," said last week, "J.P. Morgan Asset Management today announced that three of its Luxembourg-domiciled European money market funds will begin to disclose their market-based NAVs per share (also known as Shadow NAVs) on a daily basis. This additional disclosure will provide investors with greater transparency regarding the Market-Based NAV's fluctuation. The Market-Based NAV will not impact the price at which shareholders will deal in the funds. Distributing classes will continue to transact at $1 per share, and accumulating classes will transact at the daily price disclosed on the website. This follows a similar recent announcement relating to the firm's US money market funds." Finally, see FT's "Call for money market reforms".
