The London-based Institutional Money Market Funds Association (IMMFA) put out a press release yesterday entitled, "Money Market Funds Increase in Popularity During Credit Crunch". The brief from the European trade group for AAA-rated "money funds" quotes Chairman Donald Aiken, "This last year has been testing, not least for the managers of money market funds. However, funds ... have grown to record levels of over E425 billion (euros), which is an increase of 27% since the onset of the credit crunch.... No investor has to date ever lost money in an IMMFA money market fund, and we aim to maintain this enviable record.... The absence of any recognised definition of a money market fund has generated increased attention and investor nervousness.... [W]e will continue to work towards an accepted definition to differentiate us from other short-term and enhanced cash funds."
