Reserve Hires Liquidation Adviser

Reserve Funds has hired Joseph T. Monagle, Jr. to help the firm sell positions in a difficult debt and credit market.

Monagle was formerly a senior asset management executive with Merrill Lynch, where he last served as co-head of global fixed income before retiring in 2000. While at Merrill, which he joined in 1977 as a money market portfolio manager, Monagle played a key role in increasing short-term assets to $130 billion and entering new global markets, including Brazil and Japan.

“We are delighted to have secured the benefit of Joe Monagle’s unparalleled expertise in the field of short-term debt and money markets as we work to extract the maximum value from The Reserve’s portfolios for investors,” said trustee William Montgoris.

Bruce Bent, president and chairman of the firm, added: “Joe ranks among the most knowledgeable and respected people in the money market business. His intelligence and insight will be a valuable addition to our team.”

Monagle said he was looking forward to working with Bent, “who has played such an important role in the creation and growth of the money market mutual fund industry that has benefited so many investors, both large and small.”