Standard Life Investments (SLI) has exited the money market funds sector, citing the "substantial" regulatory and capital burden upon the vehicles.
It said it has developed a proposal which allows Global Liquidity Funds (GLF) shareholders who wish to continue having their funds run on a constant net asset value (CNAV) basis to do so in similar funds managed by Deutsche Bank Asset Management. It anticipates the transfer will take place at the end of next month and expects about £3.5bn of the £6bn currently invested in the GLF's CNAV funds to transfer. Total third party AUM will likely to be reduced by about £4bn in comparison with the position at the end of last year, it added. In January last year, the FSA fined Standard Life...
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