The International Money Market Funds Association (IMMFA) says it had a strong year in 2004.
By the close of the year there were 32 members, of which the 25 fund provider members represented total money fund assets under management of $232 billion, up 33% from $174 billion at the end 2003.
Two new members joined the Association in the last quarter of 2004 – Lehman Brothers Asset Management and Fitch Ratings.
Lehman Brothers Asset Management manages over $140 billion through its subsidiaries and affiliates around the world. They are responsible for investing on behalf of institutional clients and high net worth individuals across a full spectrum of asset classes and investment styles.
Fitch Ratings currently maintains coverage of a range of financial institutions and has data on more than 50 money market funds.
“The healthy growth in funds under management by members is particularly pleasing as well as the growing reputation of IMMFA as an effective trade body as evidenced by the quality of new and existing members,” says Donald Aiken, Chairman of IMMFA. “We remain committed to protecting the integrity of the product for the benefit of investors and members alike.”