Money market fund is also referred to as money market mutual fund. It is a mutual fund that enables clients to invest in short-term debt securities. Some of these debt securities are commercial paper and US treasury bills. This program is safe deposits of banks that give high yields. In the United States of America, money market fund is regulated by securities and Exchange Commission and the investment company Act of 1940.
Money market fund is open to all people that are interested in preserving their money at a better place. These investors should not be intimidated with the same rate of return that they receive. However, money market fund is working on the stability of the value of 1$ per share. In fact, these funds are given to the investors.
The importance of money market funds is to deal with losses that are brought about by markets, credit and other unavoidable risks.
First founder of money market fund
Bruce Bent II is the founder of the first money market fund. He is a business credited man from the United States of America. Bent is a graduate of Great Neck High School. He began his career as a carrier and mail clerk of Great Neck Post Office. He later went to St. John’s University and pursued a bachelor’s degree in economics. He graduated in 1961.
Bruce Bent is popular for making the first money market fund to provide effective money management for all investors. He launched this business without advertisements and sale forces. However, he relied on brochures and phoning investment advisers. Bruce had a passion for giving investors immediate safety for their money above everything else.
Currently, Bruce Bent II is the president of double rock corporation. This organization is the leading in financial technology. It also provides innovative cash management like money market fund. The beneficiaries of the company are retail markets and banks. Even though Bruce left money market fund in 1985, he still owns a well-maintained half stock of the entire business. Bent runs this business with his lovely sons.
For more information on Bruce Bent II follow him on Twitter.