MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 21, 2009 BNY Mellon Feels Government Money Fund Pain Like other fund firms, Bank of New York Mellon suffered government and treasury money market outflows last quarter. On Tuesday the New York-based custody giant revealed in its Q1 earnings report that its AUM fell 20 percent year-over-year to $881 billion on March 31. Beleaguered treasury and government money fund rates contributed substantially to that drop. "Net asset outflows in the first quarter totaled $12 billion, primarily due to outflows in treasury/government money market funds reflecting the historically low level of interest rates," the report reads. BNY Mellon Asset Management placed its money market business into a new unit earlier this year, BNY Mellon Cash Investment Strategies, alongside institutional separate accounts, offshore liquidity funds and stable value products (see MFWire, 1/14/2009). Printed from: MFWire.com/story.asp?s=21347 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |