RBC Global Asset Management announced Wednesday that, "[I]t's Institutional Prime (TPNXX), U.S. Government (TUGXX) and Tax-Free (TTEXX) U.S. money market funds have been added to Institutional Cash Distributors (ICD) $48 billion money funds portal. The funds are advised by RBC's U.S. subsidiary, Voyageur Asset Management, Inc. (Voyageur).
Janet Quarberg, head of portal relationships at Voyageur, comments, "We are pleased that our funds have been added to the ICD portal. The combination of our funds and ICD's efficient technology, independence and transparency provides clients with an excellent alternative for their money market assets."
ICD Co-Founder Ed Baldry says, "RBC's money market funds are a welcome addition to the portal as they provide our clients with greater choice at a time when investors are focused on diversifying across a range of high-quality funds from healthy global banking organizations." The press release says, "ICD is an internet-based institutional money fund portal that offers clients the ability to invest in a number of institutional money market funds through a one-stop process; one application, one wire, one statement."
It adds, "RBC's institutional money market funds were launched in February 2009 and have realized asset growth of close to $5 billion since their inception." Erik Preus, head of strategic relationships at Voyageur, says, "We've had excellent success raising assets in our institutional money market funds. We have a strong team, a compelling track record, and are well positioned to continue our success during this period in which significant assets are in motion."
Crane Data ranks ICD as the 4th largest online money market fund trading "portal" out of 21 total. Our August Money Fund Intelligence estimates that portals held a total of $473 billion in money market mutual fund balances as of July, or 19.6% of the $2.416 in institutional funds. (See our "Resources" page for links to different portal websites.)
