A Look at Money Fund Intermediaries
We've been regularly browsing the SEC's latest EDGAR filings looking for announcements of money fund liquidations. But we noticed a couple recent filings listing intermediaries and distributors of money funds, so we thought we'd highlight them to show readers a representative list of organizations, "portals" and platforms that sell money market mutual funds. A recent Prospectus Supplement for State Street Institutional Liquid Reserves Fund says, "Effective immediately, the list of financial intermediaries and introductory paragraph thereto located on Page 36 of the Funds' SAI in the sub-section entitled "Payments to Financial Intermediaries" within the section entitled "Investment Advisory and Other Services" are deleted in their entirety and replaced with the following: Set forth below is a list of financial intermediaries, including but not limited to, those to which SSGM (and its affiliates) expects, as of August 3, 2016, to pay compensation with respect to the Funds in the manner described in this "Payments to Financial Intermediaries" section." The list includes the following: Bank of New York Mellon, Benefits Trust Company, BMO Capital Markets Corp, Brown Brother Harriman & Co., Chicago Mercantile Exchange Inc., Common Fund Securities Inc., FIS (formerly Sungard Institutional Brokerage, Inc.), Goldman Sachs & Co, Highland Capital Management Fund Advisors L.P., Institutional Cash Distributors LLC, Investor Services, a division of State Street Bank and Trust, JP Morgan Clearing Corp, Morgan Stanley Smith Barney LLC, My Treasury Limited, Neuberger Berman Management Company LLC, John Hancock Trust Co., SG Americas Securities, LLC, State Street Bank and Trust Company - Wealth Manager Services, Thales Capital Partners LLC, The Bancorp Bank, Union Bank, N.A., US Bank, N.A., Van Eck Securities Corporation." A separate August 15 "SAI sticker" filing for Deutsche's Cash Account Trust, Government & Agency Securities Portfolio says, "The Advisor, the Distributor and their affiliates have undertaken to furnish certain additional information below regarding the level of payments made by them to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries (financial advisors) in connection with the sale and/or distribution of fund shares or the retention and/or servicing of investors and fund shares (revenue sharing)." It lists a host of financial institutions and brokerages, then under "Channel: Cash Product Platform," it lists: Allegheny Investments LTD, Bank of America/Merrill Lynch, Barclays Capital Inc., BMO Capital Markets, BNY Mellon, Brown Brothers Harriman, Brown Investment Advisory & Trust Company, Cadaret Grant & Co. Inc., Chicago Mercantile Exchange, Citibank Global Markets, COR Clearing LLC, Deutsche Bank Group, Fiduciary Trust Co. - International, First Southwest Company, Goldman Sachs & Co., Institutional Cash Distributors, LLC, J.P. Morgan Clearing Corp., J.P. Morgan Securities LLC, Lincoln Investment Planning, LPL Financial, My Treasury, Pershing Choice Platform, SAMCO Capital Markets, State Street Bank & Trust Company, State Street Global Markets, Sungard Institutional Brokerage Inc., Treasury Brokerage LLC, Union Bank, US Bancorp, William Blair & Company."
