Reich & Tang, an affiliate of Natixis Global Asset Management, is set to liquidate its money market mutual funds as part of its focused corporate strategy.
The decision has already secured approval from fund boards. The liquidation, which includes nearly $9.5bn in shareholder assets, is scheduled to close by 31 July of this year.
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Following closure of the investment management operations, the firm will focus on growing its FDIC-insured sweep programs that offer solutions to banks, trusts, brokerages, RIA’s, as well as other private and public investment programs.
Reich & Tang president and CEO Michael Lydon said, "The company was built on its expertise in cash management and this fine-tuning of our product line is a direct result of our ability to adapt our business to meet the needs of our customer base. This foundation of more than 40 years’ experience has helped us to uncover further opportunities to grow relationships through our leading FDIC-insured sweep and funding programs, areas that will be our focus going forward."
As of 31 December 2014, Reich & Tang managed $890bn in assets.
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