Reserve Management has shut down its U.S. Government Fund, the second fund it has liquidated, and has given no indication yet of when investors can expect their money to be returned.

Illiquid market conditions are preventing it from returning the fund's $10 billion in assets to investors, the company said. Although Reserve said the value of the underlying assets of the fund's shares was currently $1, Reserve did not promise those investors can expect full repayment of shares.

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.