BlackRock, the world’s biggest asset manager, said its money-market mutual funds have sold all Treasuries maturing in late October and early November

October 12, 2013 Leave a comment

BlackRock’s Money Funds Have Sold Vulnerable Treasuries

BlackRock Inc. (BLK), the world’s biggest asset manager, said its money-market mutual funds have sold all Treasuries maturing in late October and early November. BlackRock joins Fidelity Investments and JPMorgan Chase & Co., the two largest U.S. money-fund providers, in declaring its money funds are free of the debt most likely to be affected by a default as the government approaches its borrowing limit. “We continue to take prudent actions in preparation for all potential outcomes, despite our belief that Congress and the President will likely act to prevent a U.S. default,” Tara McDonnell, a spokeswoman for the New York-based company, said today in an e-mailed statement. President Barack Obama and House Republican leaders moved yesterday toward an agreement to extend the nation’s borrowing authority as they remained at odds over terms for ending the partial government shutdown. House Speaker John Boehner of Ohio yesterday said he would offer as soon as today a measure to postpone a potential U.S. default to Nov. 22 from Oct. 17.

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net

Filed under Macro Trends

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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