Adding to the outcry against new rules for money-market funds, Fidelity Investments has warned regulators that more than half of its money-fund clients would move some or all of their assets out of the investments if the net asset value of the funds were allowed to fluctuate.

That warning from the largest U.S. money-market fund manager came as the U.S. Securities and Exchange Commission considers two plans for tightening regulation of the $2.7 trillion money-market fund industry.

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