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 |
|
Thursday, June 30, 2011 An eBay Unit Leaves the Money Fund Biz It appears that low interest rates have killed yet another money market mutual fund business. Last week eBay subsidiary PayPal [see profile] told shareholders in the PayPal Money Market Fund that it will liquidate the fund on July 29 [see filing]. In the SmartMoney "Pay Dirt" blog, Kelli Grant blames PayPal's move on fee waivers -- the firm charged 87 basis points for the fund last year, yet only 22 bps this year, after waivers, to maintain a four bps return year-to-date in 2011. According to SmartMoney, the fund held $471 million a week ago. TechCrunch's Leena Rao also covered the news. Printed from: MFWire.com/story.asp?s=37215 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |