BMO MMFs Gone, Assets Now Goldman
A filing for the BMO Money Market Funds, including BMO Government Money Market Fund, BMO Prime Money Market Fund and BMO Tax-Free Money Market Fund announces their final demise, says, "On February 11, 2022, the BMO Money Market Funds were reorganized into corresponding series of Goldman Sachs Trust, as shown below, following shareholder approval of the Reorganizations and pursuant an agreement and plan of reorganization previously approved by the Board of Directors of BMO Funds, Inc." Assets of the BMO Prime Money Market Fund was merged into Goldman Sachs Investor Money Market Fund, the BMO Government Money Market Fund was merged into Goldman Sachs Financial Square Government Fund, and the BMO Tax-Free Money Market Fund merged into Goldman Sachs Investor Tax-Exempt Money Market Fund. For more, see our Oct. 25, 2021 Link of the Day, "BMO MMFs Merging Into Goldman." It says: A recent Prospectus Supplement for BMO Funds tells us, "On October 18, 2021, the Board of Directors of BMO Funds, Inc. approved an agreement and plan of reorganization providing for the reorganization of each of the BMO Government Money Market Fund, BMO Prime Money Market Fund and BMO Tax-Free Money Market Fund, each a series of the Corporation, into a corresponding series of Goldman Sachs Trust. BMO Asset Management Corp., investment adviser to each of the BMO Money Market Funds, recommended that the Board approve the Reorganizations in connection with its decision to exit the mutual fund investment advisory business in the United States." For more on mergers and liquidations in the money fund sector, see: "Western Files to Liquidate Tiny MMFs" (6/7/21), "AIG Govt MMF, MuniFund Liquidate" (8/3/21), "March MFI: Liquidations, Changes; Ameriprise's Chris Melin; Deposits" (3/5/21), "Delaware Liquidates Govt Cash Mgmt" (1/11/21), "BMO Liquidating Inst Prime MMF (11/17/20), "Franklin, Legg Mason Deal Signals More Consolidation; More Liquidations" (2/20/20), "TDAM Liquidating Money Funds" (10/15/18) and "Reich & Tang Announces Liquidation of Money Market Mutual Fund" (3/13/15).
