Add one more fund firm to the growing list of transparent money market fund providers.
Charles Schwab Investment Management announced today that it will also begin posting the per-share market value for all of its domestic taxable and tax-free money market funds on a daily basis, beginning later this quarter.
“As one of the largest retail providers of money market funds, we are committed to providing transparency that helps fund shareholders understand their investments,” stated Marie Chandoha, president, Charles Schwab Investment Management.
“While our decision to institute daily reporting of per-share market value was not prompted by a significant number of requests from our clients, we believe this more frequent reporting can serve as an indicator of the stability of our money market products for investors looking for near real-time information.”
Chandoha added that the firm will be developing education materials for its investors that explain in straightforward language why these numbers are being disclosed daily, how investors can read and use the data, and why greater transparency benefits investors.