Goldman to report fund values on daily basis - WSJ
(Reuters) - Goldman Sachs Group Inc (GS.N) will disclose the values of its money-market mutual funds on a daily basis rather than monthly to satisfy investor call for greater transparency, according to people familiar with the company's plans, the Wall Street Journal reported.
The changes, some of which will take effect as early as Wednesday, is a major shift in an industry that has for years battled regulators over plans to tighten rules governing price disclosures, the types of assets funds can hold and the ways funds can return money to investors in the event of a crisis, the Journal said.
The bank will disclose the previous day's net asset value of its three U.S. commercial paper funds on Wednesday followed by its six U.S. government and tax-exempt funds next week, the Journal quoted the people as saying. The daily price of its six offshore funds will be available by the end of the year.
A Goldman spokesman could not be immediately reached for comment outside regular business hours.
Fund companies are required to report their net asset values only on a monthly basis. The U.S. Securities and Exchange Commission discloses the information publicly 60 days after it receives it from fund firms. (link.reuters.com/mad25t)
Goldman's move to publish daily values could force other firms to follow suit in the $2.7 trillion (1.7 trillion pounds) industry, according to experts, said the Journal.
(Reporting by Avik Das in Bangalore; Editing by Matt Driskill)
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