Fidelity shuts three Treasury funds to new investors

Section:

By Joe Rennison and Colby Smith
Financial Times, London
Tuesday, March 31, 2020

Fidelity said it would stop accepting new money into three money market funds that invest in U.S. Treasuries, as it sought to protect current investors from the dramatic decline in interest rates since the outbreak of coronavirus.

Assets in the three funds have soared by more than $23 billion to $85 billion during this month's clamour for safe assets, and new money has had to be invested in increasingly low-yielding securities.

... Dispatch continues below ...



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With some short-term Treasury debt even trading with negative yields, new investments could dilute returns for existing investors in the funds, Fidelity said.

In a note to investors seen by the Financial Times, the asset manager said that its Fidelity Treasury-Only Money Market Fund, Fidelity Institutional Money Market Treasury-Only Portfolio, and Fidelity Institutional Money Market Treasury Portfolio would close to new investors from the end of today. ...

... For the remainder of the report:

https://www.ft.com/content/c0bc0af1-8e83-455d-9adf-8d7a0a0d7248

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