A money market fund or otherwise called money market mutual fund is an open-ended mutual fund , which invests in various short-term debt securities like commercial paper and US Treasury bills. These short-term securities serve as a representation of monetary, liquid debt and high-quality instruments. Although money market funds are widely claimed to be as safe as bank deposits, they provide a higher yield.
The purpose of a money market fund is to offer investors an ideal place to invest easily accessible and cash-equivalent assets. Also, the mutual fund is characterized as a low risk, low return investment. Investors can buy shares of money market funds through brokerage firms, banks and mutual funds.
As stated on Wikipedia, money market funds are attractive to investors because they are not accompanied by the fees charged by mutual funds for entering or exiting the fund. Investors who choose to invest in this investment vehicle ought to have a deeper understanding of short-term US Treasury securities like corporate commercial paper, certificates of deposit, repurchase agreements and bankers acceptances.
In-depth Details about Bruce Bent II
Bruce Bent II is the son of Bruce R. Bent, an American businessman, who is acknowledged for creating the globe’s first money market fund known as the Reserve Fund in 1970. He did this with the help of Henry B.R. Brown. Bruce Bent II serves as the president and vice chairperson of Double Rock Corporation, which is a top financial technology company. The company is known for providing the industry’s most innovative cash-related and cash management solutions to the bank, broker-dealer, retail and qualified plan markets.
Bent serves as a senior executive to all Double Rock’s fully owned subsidiary affiliates and companies such as Intrasweep LLC, Access Control Advantage Inc., LIDs Capital LLC, Island Intellectual Property LLC and Landing Rock Group LLC. He is also a pioneer in the retirement services and cash management businesses. Bent’s collaboration with Access Control Advantage has availed an automated contribution plan loan solution, which minimizes borrowing by an average of 25%. Additionally, he is an accomplished member of the Entrepreneur’s Organization in New York City and the Young Presidents’ Organization.