Money market funds, which are popularly known as the money market mutual funds, involve investing in short-term debt securities, including commercial paper and U.S. Treasury bills.
About money market funds
Money market funds are investments aimed at earning interest on behalf of shareholders while maintaining the net asset value at $1 per share. These funds are known to generate a high yield and are safe like bank deposits. Money Market Funds are common in the United States and are regulated by the Securities Exchange Commission. The pioneers of Money Market Funds are Bruce Bent and Henry Brown. Money Market Funds were initially offered to entrepreneurs who wanted to preserve their capital and earn a minimal rate of return. They help in developing solutions for limitations of Regulation Q and serve as a substitute to bank accounts.
Bruce Bent’s educational and career history
Bruce Bent is an entrepreneur and the founder of money market fund. Bent is skilled in strategy development, mutual funds, and financial service delivery. He is also knowledgeable in risk management, business development, financial analysis, budgeting, and branding. He did a degree course in Philosophy at the Northeastern University. Bent is the executive principal of Double Rock Corporation. He joined this company in 1991 and rose above the corporate ladder year after year up to the level of president of the firm. At Double Rock Corporation, Bent is in charge of supervising other senior executives, providing technology solutions to the banking industry, as well as innovative financial solutions.
Before joining this company, Bent held a managing partner post at LF Rothschild and Company Inc. He also worked at TIAA-CREF, a pension company where he met and began working with his current business partner, Henry Brown. Bent has always been a visionary businessman. In 1968, he teamed up with Brown and together they launched Brown & Bent Inc. In 1970, this duo began the money market fund to give investors an opportunity for effective cash management. Bent had a vested interest in politics and was a Republican candidate at one point. During his spare time, he gives lectures at Harvard University, The Wharton School, and the New York University.
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