Credit Suisse Asset Management (CSAM) has lowered its total expenses on Credit Suisse Institutional Money Market Fund Portfolio's Class A shares to 10 basis points. CSAM hopes that this move will result in higher yields for the fund's investors, officials said.
As of Aug. 30, the lowering of expenses places the fund's Class A shares in the top 10% of its peer group, according to a Money Fund Report.
"This new pricing structure on the fund comes at an opportune time, when cash has become a focus of institutional investors," said Dennis Schaney, global head of CSAM Fixed Income, in a statement. "Due to the recent increase in the fed funds rate, the average Money Market Fund's yield has increased in the last year, and with the fed funds futures market projecting a much higher target rate at year-end, money market funds could soon out-earn inflation."
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