The Money Market reforms promulgated by the SEC became effective October 14, 2016. The implications of the reforms go deep and wide, both with the mutual funds that offer money market funds, but also for the firms that offer money market funds on their platforms. One segment of firms particularly hard hit by the reforms is banks. Bank trust accounts receive untold cash items every day, from everything from dividends to rental income. There are just too many of these small transactions to invest individually in mid or long term investments. Banks have used money market funds as sweep vehicles for many years to park this constant flow of cash receipts until ready to invest in longer term investments. Money market funds have been a convenient vehicle to park cash and earn interest while still being considered similar to cash, as the funds always maintained a one dollar per share value. Read more
L. Burton Keller was a principal founder of the company in 1985 and currently focuses on strategic initiatives for the company. Mr. Keller is a former member of the Bank, Trust and Retirement Advisory Committee of the Investment Company Institute. He has served on numerous committees and task force groups with the ICI over the last 17 years including Co-chair of the Dividend Distribution Task Force.