There have been a number of new filings for money market mutual fund share classes over the past month and a half, many of them institutional, according to searches performed by Crane Data utilizing Strategic Insight's Fund Filing product, a front-end to the SEC's EDGAR mutual fund filing database. Among these are new classes of funds from Allegiant Funds, JPMorgan Funds, TDAM, and TIAA-CREF.
Allegiant, formerly National City's asset management unit but now owned by PNC Financial Services, has filed for additional classes on six of its funds. Allegiant Advantage Instl Government MM and Allegiant Advantage Instl Treasury MM have filed for Institutional, Advisor and Service share classes; Allegiant Advantage Instl MM has filed for a Service class; and Allegiant OH Muni MM, Allegiant PA TxEx MM, and Allegiant TxEx MM have filed for new "Class T shares.
Expenses appear to be at 0.10% and 0.25% for two of the new institutional classes, with a minimum investment of $5 million. The "T" classes will have a minimum initial investment of $1,000. Allegiant is the 35th largest manager of money funds with $7.4 billion in assets, according to Money Fund Intelligence XLS.
TD Asset Management, which is owned by Canada's TD Bank Financial Group, filed to launch TDAM Institutional Money Market Commercial class, with a $10 million minimum and 60 basis point exepense ratio, and TDAM Institutional Muni Money Market, which will have Institutional, Institutioanl Service, and Commercial classes.
TIAA has also filed for TIAA-CREF Money Market - Premier, a $5 million minimum share class charging 0.29% in expenses and managed by Michael Ferraro. TIAA-CREF ranks 61st out of 86 money fund managers with $1.3 billion in assets. JPMorgan Prime MM, JPMorgan US Govt MM, JPMorgan US Treas Plus MM, and JPMorgan TxFr MM have all filed for new "Direct" share classes back in late May.
Finally, Bank of Hawaii's Bishop Street Funds have liquidated their Bishop Street Treasury Money Market Fund. The company continues to run Bishop Street Government MMF.
