BlackRock sees good start to latest money fund reform effort

Wed Nov 14, 2012 11:24am EST

Nov 14 (Reuters) - New proposals from U.S. regulators to reform the $2.5 trillion money market fund industry are a "good starting place," Rob Kapito, president of BlackRock Inc, said on Wednesday.

But BlackRock, the world's largest money manager, expects "a tough process" ahead before any reforms are adopted, Kapito said at a Bank of America Merrill Lynch conference in New York.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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