The Reserve Funds ranked as the fastest-growing money fund complex in 2003, ending the first quarter with $24 billion in assets under management, according to The Money Fund Report. That represents a 24% increase in the first quarter from the same period a year ago.
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 Strategic Insight. A large portion of the growth has been driven by demand for The Reserve Primary Fund, the company said.