NEW YORK, Nov 3 (Reuters) - Bank of America Corp, the No. 2 U.S. bank, has agreed to sell its $87 billion money-market fund business to BlackRock ... BlackRock, a manager of mutual funds, exchange-traded funds, private equity pools and other investment.
Today, a spokesman for Bank of America told CNBC that investors can redeem shares ... Bank of America also said in November it was setting aside $600 million to help money market mutual funds exposed to risky debt maintain the $1 per share net asset.
Stunned by the sudden change in their fortunes, managers of the nation's money market mutual funds are still sifting through the ... where competition from banks has been particularly strong. The Bank of America, for example, offered high interest rates.
LONDON (Reuters) - Riskier assets were in vogue this week as investors poured $8.9 billion into equities, but strategists at Bank of America ... traded funds (ETFs) attracted $12.5 billion this week, continuing to sap money from mutual funds which suffered.
Fees aside, there’s a bigger problem to do with money market funds. They play a big role as buyers of treasuries — something that becomes more important as the Fed balloons its balance sheet to fund the US bailout. From Bank of America’s Matthew.
Bank ... business, in this instance, by outsourcing certain product manufacturing functions to an industry leader," said Bank of America spokeswoman Susan McCabe in an emailed statement, adding that the bank would now focus on distributing money market.
BlackRock acquisition of BAC's money-market fund business comes at a time when banks are struggling with low interest rates and changing regulationsReuters US asset managing giant BlackRock has agreed to purchase Bank of America's (BAC) $87bn (£56.4.
Bank of America recently looked at the holdings of active managers and called the online travel booking company the most "overowned" stock in the market. Nearly 40 percent of active large-cap mutual funds own ... is that the money it spends on marketing.
Bank of America became ... ratings of two funds run by one of its divisions. Bruce Bent, who invented the money-market fund in 1970, agreed with Crane that these measures appear precautionary. "I do not think they're going to break the buck, and I also.
NEW YORK — Bank of America Corp., the No. 2 US bank, has agreed to sell responsibility for about $87 billion in money-market funds and other products ... The New York-based company — a manager of mutual funds, exchange-traded funds, private-equity.