The Stability of Prime Money Market Mutual Funds: Sponsor Support from 2007 to 2011
The Stability of Prime Money Market Mutual Funds: Sponsor Support from 2007 to 2011
The largest support instance noted relative to AUM was the $336.8 million, or 6.3% of AUM, support to the Russell Money Market Fund. This entire amount was due to the purchase of the Fund’s Lehman holdings, as noted in the following disclosure, “On September 14, 2009, the Lehman Securities were purchased by Frank Russell Company from the Fund at amortized cost of $402,764,934 plus accrued interest of $775,756.” While such a large exposure seems inconsistent with the 5% concentration limit of Rul