Money market funds are basically funds that invest in short debt securities, like US Treasury Bills. It’s basically as safe as banks, but there is a much higher yield. It also protects you from problems such as credit and market problems. There are hundreds of money market funds out there, and they have assets which are worth trillions of dollars.
According to Wikipedia, there are many types of funds that go into the money market fund category. There are prime money funds, which are funds that invest in variable rate debt. There are tax exempt money funds, which invest in state and local government obligations that are exempt from paying taxes. There are institutional money funds, which invest in high minimum investment and low expense share classes. Retail money funds are money market funds that are given to individual people.
So how did money market funds start? Bruce R. Bent is the one who started them in the 1970s. It was then named the Reserve Fund. The American Museum of Financial History, which is part of the Smithsonian Institution, recognized this event as an important one with a great impact on America’s economy. He was the one who started this thing as a regulated investment that has true rules and results. He served in the Marines and attended St. John’s University. He got his bachelor’s in economics from there. He worked at LF Rothschild and Company.
Bruce Bent II also founded B2 Consulting LLC. He is currently the CEO and chairman of Double Rock Corporation. This company provides solutions to people and companies in the banking markets and other financial sectors. Under his leadership, its assets rose to over one hundred and thirty million dollars. In fact, it’s the world’s largest cash management company that is held by a private person, and he is the reason for its success. Before he came in, it was declining and revenues were down, and he turned it around into a growing and powerful company that keeps on upping its profits month after month. He studied in Northeastern University. He has many years of experience in the financial sector.
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