RBC Cuts Fees on US Govt MMF Inst 1
A press release entitled "RBC Global Asset Management Waives Fee in U.S. Government Money Market Fund Institutional Class 1 Shares," tells us, "RBC Global Asset Management ('RBC GAM') ... announced that it has implemented a voluntary fee waiver of approximately five basis points to Institutional Class 1 Shares in its U.S. Government Money Market Fund (TUGXX).... The fee waiver, effective Oct. 16, allows for a reduction of the Fund's current operating expenses from 19 basis points to 14 basis points. With the fee change, the Fund's yield to shareholders can increase by the amount of the waiver." John Donohue, Head of U.S. Liquidity Management at RBC GAM, comments, "Our firm strives to provide best-in-class liquidity products to our U.S. clients.... We are pleased to announce this initiative to offer even greater value to clients of our U.S. Government Money Market Fund." The release adds, "The Fund invests at least 99.5% of its total assets in U.S. Government securities, cash and repurchase agreements collateralized fully by U.S. Government securities or cash. RBC GAM has more than 36 years of managing short-term fixed income and over $21 billion in short-term fixed income assets under management as of September 30, 2019. For further information regarding this Fund, please visit: https://us.rbcgam.com/mutual-funds/money-market-funds/performance.fs."
