Fidelity joins others in posting daily money fund values
BOSTON Jan 11 (Reuters) - Fidelity Investments, the No. 1 U.S. manager of money market funds, said Friday it will begin posting daily asset values of the popular investments, which are being pressured by regulators to be more transparent and less susceptible to mass redemptions.
Fidelity's move follows declarations by other big money fund sponsors this week that they would post daily asset values of their money funds, including Goldman Sachs Group Inc, JPMorgan Chase & Co and BlackRock Inc. Fidelity had previously said only that it was considering a similar move.
Boston-based Fidelity said it will begin the daily disclosures on Jan. 16. Fidelity leads the industry with nearly $430 billion in money market fund assets under management.
Like other companies, Fidelity said the disclosures will help clients better understand the value of their underlying holdings. Some analysts also regard the new disclosures as a way to blunt or stave off new regulations.
Officials in Washington have called for steps such as requiring money funds to abandon their traditional $1-per-share value, moves some fund executives had feared would drive away customers.