March 12, 2015 / 7:47 PM / 2 years ago

Reich & Tang to exit U.S. money fund business

NEW YORK, March 12 (Reuters) - Reich & Tang said on Thursday it will exit the U.S. money market fund business, as the $2.7 trillion industry has been grappling with tighter regulations stemming from the global financial crisis.

The New York-based firm said in a statement it plans to liquidate its money market funds worth $9.5 billion by July 31. (Reporting by Richard Leong; Editing by Chris Reese)

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