Fidelity Investments, Federated Investors Inc and Charles Schwab Corp on Friday joined a growing list of top U.S. money market fund managers in agreeing to post daily fund asset values, as the industry comes under growing pressure from regulators for more transparency.
Fidelity leads the $2.6 trillion market while Federated and Schwab are third-largest and fifth-largest, respectively.
Goldman Sachs Group Inc, JPMorgan Chase & Co and BlackRock Inc, which oversee $489 billion or 20 percent of U.S. money market funds, made similar moves earlier this week.
The companies said the new disclosures will show investors that money funds are stable because the share values only vary by miniscule amounts from day to day. The new disclosures could also head off calls from regulators for more costly and potentially disruptive reforms.
Investors buy and sell money market shares at a fixed price of $1 even though the actual net asset value, or NAV, per share may vary by a
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