We wrote yesterday on the acquisition of the HighMark Money Market Funds by Reich & Tang in our "​News". But today we excerpt from their release, entitled, "Reich & Tang Acquires HighMark Funds' Money Market Mutual Fund Business." It says, "Reich & Tang today announced that it has entered into an agreement to acquire five money market funds from HighMark Capital Management, Inc., a wholly-​owned subsidiary of Union Bank, N.​A. The deal, which represents more than $​4 billion in shareholder assets, has been approved by each company'​s Board of Trustees and is expected to close by July 2013." Michael Lydon, Chief Executive Officer of Reich & Tang, comments, "We are extremely pleased to have entered into this arrangement with HighMark Capital Management. The similarity in both firms' business structures creates an ideal pairing for a seamless acquisition, which will provide HighMark Fund shareholders with immediate cost benefits and integration into a highly stable, diversified client base." Dennis Mooradian, president of HighMark, adds, "​A key benefit of the transaction is that our shareholders will have access to one of the industry'​s longest-​tenured and time tested mutual fund advisers whose conservative investment philosophy is consistent with that of HighMark Funds. With cash becoming an increasingly important asset class, particularly over the past five years, we realize the importance of partnering with a specialist whose infrastructure for sweep programs will undoubtedly ensure that our shareholders experience a seamless transition."

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