Standard Life is shutting its money market funds due to the increased regulation of money market fund managers by the Financial Services Authority (FSA), Citywire reports. The Sterling Global Liquidity Fund, the Euro Global Liquidity Fund and the U.S. Dollar Global Liquidity Fund will be closed down. Institutional investors will be given the option to transfer their funds to similar funds run by Deutsche Bank. Standard Life expects about £3.5 billion of the £6 billion currently invested in the Dublin-based funds to be transferred, adds Investment Week.
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