BRIEF-Ten will issue 4 mln Series E preferred shares at a price to public of $25 per share
* Ten Ltd. announces pricing of its successful public offering of its series e fixed-to-floating rate cumulative redeemable perpetual preferred shares
* U.S. money fund assets plunge on month-end, Sandy
* Weekly total asset drop biggest since Aug 2011
* Money fund assets fall to lowest since June 2007
* Money fund assets seen rebounding next week
NEW YORK, Oct 31 U.S. money market fund assets posted their biggest weekly drop in more than a year on heavy redemptions linked to month-end cash needs and preparation for Sandy, a storm that crippled most of the U.S. Northeast, a report released on Wednesday showed.
Total money market fund assets fell by $51.13 billion to $2.507 trillion for the week ended Oct. 30, according to the report, published by iMoneyNet.
"Hurricane Sandy-related redemptions to make sure there was an ample amount of cash available and month-end factors are being cited as reasons behind the larger than usual outflows for the week," it said.
The weekly drop in total fund assets was the biggest one since a $103.21 billion fall in the week ended Aug 2, 2011.
Taxable money market fund assets declined by $50.03 billion to $2.242 trillion, while tax-free assets decreased $1.1 billion to $265.65 billion.
Much of the weekly declined stemmed from companies and other large investors withdrawing to meet their month-end needs. Their redemption intensified earlier this week in anticipation of possible market disruption from Sandy, said Mike Krasner, managing editor at iMoneynet, based in Westborough, Massachusetts.
"People were nervous...They wanted to have their hands on that cash," he said.
Krasner added corporate treasurers and fund managers will likely shift assets back into money funds after Wall Street reopened on Wednesday. "The following week we should see it bounce back," he said.
Taxable prime and government-only money funds for institutional investors fell by $42.65 billion and $7.67 billion, respectively, in the latest week, the latest iMoneynet data showed.
The yield on taxable money market funds held at 0.02 percent for the second straight week, while the average yield on tax-free money funds stood at 0.01 percent for a 22nd consecutive week, according to the report.
Some funds did not report their asset data on Monday and Tuesday due to the storm, Krasner noted.
BOSTON, March 29 Billionaire investor William Ackman told investors that betting on Valeant Pharmaceuticals International Inc was a "huge mistake" and apologized "deeply and profoundly" for losing so much of his shareholders' money on the investment.