As institutional investors return to prime money market funds and as advisors ponder the future, and the damage done to money fund reputations by The Reserve's breaking-of-the-buck, new money market mutual fund filings and launches continue unabated. Using Stategic Insight's SimFundFiling, a program for searching the SEC's EDGAR database, Crane Data has located 20 new filings for money market funds over the past 60 days. Over half of the new filings are for Treasury and Government money market funds.
The latest three, filed Oct. 29, 2008, are: American Performance US Treasury - Premier, American Perf Cash Mgmt - Premier, and American Perf TxFr MM - Premier. These new funds are managed by Bank of Oklahoma subsidiary Cavanal Hill Investment Management and carry an expense ratio of 0.95% (which includes a 0.75% 12b-1 fee).
JPMorgan Asset Management filed (on Oct. 16) to launch new Service classes for four funds -- JPMorgan 100% US Treasury MM Service, JPMorgan CA Muni MM Service, JPMorgan NY Muni MM Service, and JPMorgan US Treas Plus MM Service. These funds have $10 million minimums and 1.05% expense ratios. And Charles Schwab Investment Management filed for new "Purchase" classes of its Schwab Government Money and Schwab US Treasury Money on Oct. 3. The Schwab funds have minimums of $2,500 and expense ratios of 0.60%.
Recent Government and Treasury new money fund filings include: ING US Government MMF, run by ING Investments (Classes A, C, O, I, filed 10/15/2008); Gabelli US Treas MM - Class A (with what appears to be a 0.08% expense ratio) and Class C, run by Gabelli Asset Management Co (10/14/2008), RVS US Government MMF, run by RiverSource Investments (10/8/2008), and PIMCO Government MMF and PIMCO Treasury MMF, run by PIMCO LLC (10/3/2008). The PIMCO funds will offer Class M, Adm, and P shares with $5 million minimums, a Class D with a $5,000 minimum, and a Class R with no minimum. The Adm, D, and R class will charge 0.25%, while the M and P classes appear to be internal with no expenses.
Other filings include: Tamarack Prime Money Market, Tamarack US Govt MM, and Tamarack Tax-Free MM - Instl 2, Select, Reserve, and Investor classes, managed by Voyageur Asset Management (9/22/2008); AIM Money Market and Tax-Exempt Cash - Class Y, managed by Invesco Aim Advisors (9/22/2008), and DWS TaxFree Money Mkt - Institutional, managed by Deutsche Investment Mgmt (9/12/2008).
