Amid continued reassurances that the financial engines of money management firms were secure after the disastrous events in New York this week, some firms began opening their money market accounts for business today.
Strong Capital Management said mutual fund and brokerage customers could buy and redeem shares in its money market accounts, despite the fact that the New York Stock Exchange will be closed until Monday.
The company's executive VP, Tony D'Amato, said checks written against the money market accounts would be honored. In a statement, the company said: "All of Strong's systems are fully functional, and all account information and records are secure."
Other firms were partly motivated by investors' potential need for funds should a personal emergency arise following this week's attacks. Delaware Investments opened its also announced that its money market funds are open for business today. And today Citizens Advisors, the investment advisor to Citizens Funds, did the same.
"We felt it made sense to open the fund during this trying time," said John Sheilds, who heads the company.