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The Reserve Funds created "The World's First Money-Market Fund" in 1970, launching what has become a $2 trillion industry.
Reserve Insured Deposits (SM) is the first publicly-available money-market account to provide unlimited transactions, worldwide ATM cash access and the choice of 1% cash rebate or airline rewards earned on all purchases made with a Reserve VISA Gold Check Card," adds Mr.
Reserve Insured Deposits (SM) combines the best features of checking, savings and money-market accounts into one FDIC-backed account earning competitive money market rates on the entire balance.
an affiliate of The Reserve Funds, created Reserve Insured Deposits (SM), the financial community's first FDIC-insured money-market account with unlimited transactions, and yield comparable to a money-market fund.
com), based in New York, has more than $17 billion in assets, offering 17 money-market funds, seven no-load equity funds, and several innovative patented cash management products and services - including Reserve Return Sweep (SM) and Reserve Insured Deposits (SM).
It is expected to be attractive not only to distributors of mutual funds, but also to other institutions offering money-market funds, such as commercial banks and investment-banking firms.
Ruggieri, a Managing Director of Marsh & McLennan, said the new coverage will make money-market funds more appealing to investors by reducing a major fund risk.
This program will enable money-market funds to assure shareholders that they are insured against losses, up to the limits of the policies, due to the default of an issuer or issuers of securities held by the fund," he said.