There will be one less money market fund come May.
The Board of Trustees of San Francisco-based RS Investment Trust has approved the liquidation of the RS Money Market Fund (GCMXX) on May 17, according to a regulatory filing. The fund was launched in September 1982 and managed some $452 million as of the end of December 2012. Its portfolio managers include Alexander Grant and Martin Vernon.
"As cash investment is not a core product offering, the fund’s closing is in line with the steps taken by RS Investments to continue to sharpen its focus on core products and to strengthen its investment solutions offerings," according to a statement from the firm.
As of September 2012, RS Investments managed approximately $24 billion on behalf of its clients.