Press Releases Archives: December, 2009

Investment News writes The Reserve takes another step to repair rep. It says, "Even as it prepares to repay investors in the Reserve Primary Fund, the largest and most prominent money market fund that 'broke the buck' more than a year ago, the Reserve Management Co. has taken another step toward making investors in one of its other funds whole. Reserve Management said Monday it will 'as soon as practicable' return $43 million to investors in its Reserve Yield Plus Fund, the fourth distribution it has made so far to investors who suffered losses last year. That amount represents about half of the Yield Plus's current assets of $85.5 million, including the now-worthless share of Lehman Brothers Holdings securities." It adds, "Regardless of the uncertainty of the timing -- and the slowness of process overall -- every announcement like yesterday's is a step in the right direction, said Peter Crane, president and chief executive of Crane Data, LLC." Crane says, "Every penny counts. The Reserve Yield Plus Fund has been a thorn in [The Reserve's] side, too. Putting this episode behind them is going to help repair the reputation of The Reserve, money funds, ultra short bond funds and asset managers in general."