T. Rowe, Wells, Dreyfus Tweak Lineups
We wrote back in our March Money Fund Intelligence, that "Liquidations, Changes Slowly Reshape Manager Landscape." Over the past two months, the fund lineup tweaks have continued, though no major exits have surfaced. Recently, we've removed a number of funds from our Money Fund Intelligence XLS and MFI Daily collections, including (minor) funds from T. Rowe Price, Dreyfus and Wells Fargo. The SEC (497) filing for T. Rowe Price Institutional Cash Reserves Fund announcing its liquidation says, "At a Board meeting held on March 9, 2021, the fund's Board of Directors approved the liquidation and dissolution of the fund. The liquidation is expected to occur on May 14, 2021. Prior to the Liquidation Date, the assets of the fund will be liquidated at the discretion of the fund's portfolio management and the fund will cease to pursue its investment objective. In anticipation of the liquidation, effective May 7, 2021, the fund will be closed to new investors or existing shareholders to purchase Fund shares. At any time prior to the termination, we welcome you to exchange your shares of the fund for the same class of shares of another T. Rowe Price fund. After the fund is liquidated, the fund will no longer be offered to shareholders for purchase." A Prospectus Supplement for Wells Fargo 100% Treasury Money Market Fund explains, "At a meeting held on May 26 and 28, 2020, the Board of Trustees of the Fund approved the elimination of the Sweep Class of the Fund upon the redemption in full of all assets in the class." Finally, Dreyfus, which had announced a series of liquidations and mergers (see our Feb. 11 News, "BNY Mellon Streamlines Asset Management," and their release, "Dreyfus Cash Investment Strategies Optimizes Money Market Fund Range"), finally did the deeds. Announcements include: the liquidation of Dreyfus AMT-Free Municipal Cash Management Plus, Dreyfus AMT-Free New York Municipal Cash Management, General Government Securities Money Market Fund, Dreyfus Institutional Preferred Money Market Fund, Dreyfus Liquid Assets and General Treasury Securities Money Market Fund. (We covered this streamlining at Dreyfus as well as a number of fund lineup shifts in, For more on recent liquidations, see: "SunAmerica Liquidating AIG Govt MMF" (2/18/21), "BlackRock Liquidates Ready Assets" (2/11/21), "Delaware Liquidates Govt Cash Mgmt" (1/11/21), "DWS Liquidating Govt CR (BIRXX)" (11/25/20) and "BMO Liquidating Inst Prime MMF" (11/17/20).
