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U.S. money market funds waive fees to stave off negative returns
By Joe Rennison
Financial Times, London
Friday, May 29, 2020
U.S. asset managers are cutting the fees they charge for money market funds after the dramatic decline in yields on the short-term debt they rely on threatened to leave clients with negative returns.
Federated Hermes, Fidelity, and TIAA-CREF, which manage some of the largest money market funds, have already waived fees on several products. Vanguard, another large manager, said it has not yet needed to waive fees but remained committed to keeping investors’ returns positive.
Peter Crane, who runs information provider Crane Data, said other managers were likely to follow suit, adding: “The last time rates went to zero we saw most funds cut expenses in half.” ...
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