Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
The Markets October 8, 2008
Hartford To Participate in Money Market Guarantee Program
The Hartford Mutual Funds decided to participate in the new Money Market Fund Guaranty Program from the U.S. Treasury.
Reported by Nevin E. Adams
According to an announcement, the Hartford Money Market Fund and the Hartford Money Market HLS Fund will participate in the new money market fund guaranty program recently established by the U.S. Treasury. Shareholders in The Hartford’s money market funds as of September 19 will be eligible for all of the program’s benefits (see “Treasury Opens Guarantee Program for Money Funds“).
The decision to participate was driven by a desire on the part of The Hartford Mutual Funds to provide protection and peace of mind to money market fund shareholders during a historically volatile market period, according to the press release.
The Hartford reiterated that their money market funds do not hold any Lehman Brothers debt in their portfolios.
Other Participants
The Hartford is the latest of several money market mutual funds to announce their participation in the program, including Neuberger Berman (see “Neuberger Berman Signs Funds Up for Treasury Guarantee“), Wilmington Trust (see “Wilmington Trust to Participate in Treasury Guarantee Program“), UBS (see “UBS to Apply for Money Market Guarantee Program“), Morgan Stanley (see “MSIM Signs Up for Treasury Guarantee Program“), and Putnam (see “Putnam Signs Up for Money Fund Guarantee Program“).