Portfolio

The asset-management industry scored a victory when SEC Chairman Mary Schapiro abandoned her quest to impose tougher rules on money-market mutual funds, but some expect the celebration will be brief.

Legg Mason is planning to offer a number of index ETFs as well as actively managed fund of funds ETFs.

Here is the text of the statement by Securities and Exchange Commission Chairman Mary Schapiro on money market mutual fund reform.

Mary Schapiro, Chairman of the U.S. Securities and Exchange Commission, canceled a vote on a proposal to tighten money-market fund rules amid opposition from fellow commissioners and a lobbying campaign by fund companies.

Money Fund Reform Drops Dead

Here is the text of the statement by Securities and Exchange Commission Chairman Mary Schapiro on money market mutual fund reform

The Dow Jones Industrial Average fell 30.82 points Wednesday to close at 13,172.76 while the Nasdaq and S&P 500 added 6.41 points and 0.32 points, respectively.

Investors last week pulled an estimated $2.67 billion from U.S. stock funds, down from $3.56 billion the prior week and half that two weeks earlier.

Legg Mason is planning to offer a number of index ETFs as well as actively managed fund of funds ETFs.

For the week ended Aug. 15, investors pulled an estimated $2.67 billion from funds that invest in U.S. stock mutual funds, substantially less than the $3.56 billion withdrawn the week before.