November 14, 2012 / 2:25 PM / 5 years ago

BNY Mellon exec says watchdog's money fund proposals have merit

Nov 14 (Reuters) - The BNY Mellon Corp executive who oversees the bank’s $322 billion cash management business said on Wednesday some of the money-market fund reforms proposed by a board of top regulators have merit.

Linking the size of capital buffers to risk taking and diversification would be a positive step. Curtis Arledge, BNY Mellon’s chief executive of investment management, said at a Bank of America Merrill Lynch investment conference in New York.

He said that under the Financial Stability Oversight Council’s proposal to link the size of capital buffers to diversification and risk, diversified money funds taking less risk would not have to set aside as much capital as more aggressive funds.

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