We were saddened to hear that Federated Investors' Eugene Maloney passed away last week. His Obituary tells us, "Mr. Maloney was Executive Vice President and Corporate Counsel of Federated Investors, Inc., Pittsburgh, PA, a member of the Executive Committee, and has been employed by the firm for forty-seven years. Through Mr. Maloney's efforts, Federated Investors is responsible for virtually all state legislation permitting public entities to use money market funds to manage their liquidity." Maloney played a major role in developing and fighting for reasonable money market fund regulations, and he was a tireless warrior for the money fund industry and the use of money funds. He keynoted our very first Crane's Money Fund Symposium in Providence in August 2009. We quoted his "Washington & Money Market Funds" segment in our Sept. 2009 Money Fund Intelligence, writing, "He staunchly defended the current stable NAV regime, and compared those advocating drastic changes to the soldier in Vietnam who said, 'We had to burn the village in order to save it.'" He added, "It's very difficult for us to contemplate a regulator or a member of a legislature destroying the short term liquidity markets of the United States, in theory to take the uncertainty out of the continued use of amortized cost." The Pittsburgh Business Times, in its coverage, "Federated Investors' longtime corporate counsel dies at age 74," quotes Federated CEO J. Christopher Donahue, "Gene was a real impact player at Federated.... For the better part of five decades, he championed the fiduciary cause and, in the process, defended the integrity of the investment management business, always aiming at the best interests of clients and customers. He developed strong relationships with our friends on the regulatory side, achieving the utmost respect for his fiduciary approach. Gene was also a true champion of the distribution efforts at Federated, always understanding the challenges of the marketplace, the views of the clients and the need to create solutions. His wisdom, temperament and counsel will be missed." Our deepest condolences go out to Federated, his family, friends and associates of Gene.

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