During the first quarter of the year, money market funds as a whole lost $63 billion. In addition, The Reserve Funds jumped two spots to become the sixth-largest privately held asset manager, according to
"These are uncertain times for the markets and the economy. Increasingly, cash management professionals are making more conservative investing decisions with their short-term corporate cash," Bruce Bent II, Reserves president, said in a statement. "By diversifying that cash into money funds that are free of commercial paper, theyre finding they can have both yield and good nights sleep."
