RPT-UPDATE 1-Goldman to report fund values on daily basis
Jan 9 (Reuters) - Goldman Sachs Group Inc said it will disclose the values of its money-market mutual funds on a daily basis rather than monthly, to satisfy investor call for greater transparency.
The change is a major shift in an industry that has for years battled regulators over plans to tighten rules governing price disclosures, the types of assets funds can hold and the ways funds can return money to investors in the event of a crisis.
"We believe that more frequent disclosure and greater transparency will benefit investors. This will have no impact to how fund shareholders transact or the way the funds are managed," James McNamara, president of Goldman Sachs Mutual Funds, said in a statement.
The bank will disclose the previous day's net asset value (NAV) of its three U.S. commercial paper funds daily, starting Wednesday.
It will begin disclosing daily NAVs of its six U.S. government and tax-exempt funds next week. The daily price of its six offshore funds will be available by the end of the year.
Fund companies are required to report their NAVs only on a monthly basis. The U.S. Securities and Exchange Commission discloses the information publicly 60 days after it receives it from fund firms.