Et tu, Ned Johnson?

In the interest of transparency, Fidelity Investments today announced that it, too, will begin daily disclosure of the per-share market value of its money market mutual funds, effective January 16.

“Historically, the per-share market values of our money market mutual funds have fluctuated by only tiny fractions of a penny each day,” stated Nancy Prior, president of Money Markets for Fidelity Investments.

“Providing more frequent disclosure of these minute changes will help investors better understand how vigilant we are in keeping our money market mutual funds safe and in maintaining the $1.00 NAV, which has always been and continues to be our #1 objective in managing these funds.”

As of November 30, 2012, Fidelity managed nearly $430 billion in its money market mutual funds.

A spokesman for Federated Investors said his firm will publish daily NAVs for five of its prime money market funds, including the Prime Obligations Fund, Prime Cash Obligations Fund, Prime Value Obligations Fund, Prime Management Obligations Fund, and Federated Capital Reserves Fund, beginning the week of Jan. 21.

Richard Hoerner, Head of Global Cash Management Business at BlackRock, said: "We have been a long-time advocate of improved transparency for money market fund investors and will be reporting daily market value NAV for all US-money market funds by January 16th.'

In a statement, Securities and Exchange Commission spokesman John Nester said: "Chairman [Elisse] Walter is encouraged when industry voluntarily takes steps to provide greater transparency for investors.”


Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.