BlackRock sees good start to latest money fund reform effort

Wed Nov 14, 2012 11:26am EST

(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. (Reporting by Aaron Pressman; editing by John Wallace)