U.S. money fund assets plunge on fund conversion

April 6, 2016 7:19 PM

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NEW YORK U.S. money market fund assets plummeted in the latest week due largely to a fund changing its status as a money fund to a short-term bond fund amid regulatory changes for the industry, the Money Fund Report said on Wednesday.

Last week, the Prudential Core Taxable Money Market Fund, which had $40.15 billion in assets, converted to the Prudential Ultra Short Bond Fund, it said.

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