Bank of New York has launched MoneyFundsDirect.com, a transaction-based Web site that provides institutional investors with a direct link to a range of short-term investment vehicles, including over 20 well-known fund families.
Investors can research fund information, download reports, buy and redeem funds, check daily balances, and transfer funds from the site.
The interactive Web site is an extension of the bank's MoneyFunds Direct service, designed as a one-stop shop for institutional buyers of short-term investment products, including US government obligations, commercial paper, certificates of deposit, bankers' acceptances, and bank deposits.
The Web-based system now offers a direct Internet link to multiple funds through a single source, says Joseph Velli, senior executive vice president and head of worldwide securities servicing at the bank. It also provides additional benefits, he adds, including one consolidated account statement, convenient tracking of short-term investments and the latest information on participating funds and fund families.