Brad Marcus, senior vice president of Wells Fargo Funds Management, said that a dedicated cash management Web site makes sense as institutional investors move toward money market investments in pursuit of stability and yield.
"Since June 2004, the Federal Reserve has raised the Federal funds rate 17 times, causing a dramatic rise in money market yields in a short period of time2," said Marcus. "Current yields, in the context of today's volatile market environment, make cash and money market instruments an increasingly compelling option for diversifying assets and reducing overall portfolio risk, while receiving a relatively attractive return on investment."
Through the Institutional Cash Management portal at www.wellsfargo.com/advantagefunds, institutional clients can view performance data for each of the eight money market funds, as well as:
Wells Fargo Funds Management has more than $68 billion in money market fund assets under management as of 06-30-06. The following Wells Fargo Advantage Funds carry an Aaa rating from Moody's3 and are on the NAIC's4 List of Approved Mutual Funds:
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in a money market fund.
1 Source: Strategic Insight; July 31, 2006
2 For the month ending June 30, 2004, the average monthly yield for taxable money market funds was 0.56%. For the month ending July 31, 2006, the average monthly yield for taxable money market funds was 4.65%. (Source: iMoneyNet) Figures quoted represent past performance, which is no guarantee of future results.
3 The Aaa rating indicated is from Moody's Investors Services ("Moody's"). The Fund is not sponsored, endorsed, sold, or promoted by Moody's, and Moody's makes no representation regarding the advisability of investing in the Fund.
4 The National Association of Insurance Commissioners (NAIC) is the organization of insurance regulators from the 50 states, the District of Columbia, and the four U.S. territories. The NAIC provides a forum for the development of uniform policy when uniformity is appropriate. A fund is NAIC approved when it is on the List of Approved Mutual Funds pursuant to Part 4, Section 6 (d) of the Securities Valuation Office (SVO) Purposes and Procedures Manual of the NAIC.
5 The U.S. government guarantee applies to certain of the underlying securities and NOT to shares of the Fund.