Portfolio

Prime institutional money market fund assets rose for the first time since Sept. 9 last Thursday, by $2.96 billion to $652.6 billion, according to Crane Data.

Citing restrictions on short selling, credit and liquidity as drains on hedge funds in September, as many decided, instead, to sit on “significant cash balances,” Hennessee Group’s performance report for the month the average fund’s performance was the worst in a decade, with funds losing between 5% and 9%.

Lazard Asset Management has launched an emerging markets fund, the Lazard Developing Markets Equity Portfolio, which will use a bottom-up stock selection process and which the company is offering to investors as an alternative to value and emerging-markets funds.

WASHINGTON—The House reversed Monday's rejection of a bill to stabilize the financial markets approving the measure on Friday with a vote of 263 to 171.

Reserve Management has shut down its U.S. Government Fund, the second fund it has liquidated, and has given no indication yet of when investors can expect their money to be returned.

Money market mutual fund assets rose $12.39 billion for the week ending Tuesday as investors regained confidence in the funds, according to the Money Fund Report, published by iMoneyNet Inc.

Total retirement assets in the U.S. fell 5.2% during the first quarter of 2008, from $18.0 trillion to $17.1 trillion, according to the Investment Company Institute.

Morningstar announced Thursday is has acquired Fundamental Data Ltd. of the UK, a closed-end fund data provider based in London, for $19 million, subject to post-closing adjustments.

More asset managers are learning, never say never.

In response to scrutiny over its ratings of instruments tied to subprime mortgages, Fitch Ratings has increased its own scrutiny over fund of hedge fund managers, warning that many such funds may not be able to meet redemption requirements if their risks are not closely monitored.