AB Govt MMP Breaks $10 Billion
A press release entitled, "AB Government Money Market Portfolio Surpasses $10 Billion in Assets," tells us, "AllianceBernstein L.P. (AB), a leading investment management and research firm, announced today that the AB Government Money Market Portfolio (GMOXX) has achieved a significant milestone, reaching assets of $10,980,557,487, a year-to-date increase of more than 38%, as of November 4, 2019. The Government Money Market Portfolio is designed to create maximum current income while consistently offering the safety of maintaining principal and liquidity. The portfolio provides income in the form of a dividend that generally reflects short-term interest rates, which is accrued daily and paid out monthly. The portfolio currently invests in U.S. government securities and/or repurchase agreements related to government securities that are fully collateralized alongside cash." Zak Green, Global Head of Liquidity Sales at AB, comments, "In today's volatile environment, liquidity management strategies are even more important to investors seeking better returns and stability in their asset allocation. Our flagship Government Money Market Portfolio offers investors diversification, stability, liquidity and a solution that ensures they are not overly dependent on a single banking relationship. Additionally, the fund's socially-conscious investment approach (adding 19 veteran, minority, women, and disabled-owned specialty broker dealers to our approved list) and diversified portfolio management team have served as unique differentiators in a space largely devoid of such solutions."
