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NEW YORK, May 21 (Reuters) - Wells Fargo's fund unit said on Thursday it will make changes to its U.S. money market funds, marking the latest fund operator to adopt moves to comply with regulatory changes for the $2.6 trillion industry. These changes will become effective on or before Oct. 14, 2016, the San Francisco-based Well Fargo Advantage Funds said in a statement. One of the major changes is that its institutional prime and municipal funds will abandon its stable $1 a share net asset value (NAV) and move to a floating NAV. These funds will also be subject to liquidity fees and/or redemption gates if the weekly liquid assets fell below 30 percent, the company said. Well Fargo Advantage Funds oversee $110.5 billion in money market assets at the end of the first quarter. (Reporting by Richard Leong Editing by W Simon)
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Wells Fargo is a exploration company based in United states of america. Wells Fargo is listed in United States of America. Its market capitalisation is US$ 299.5 billions as of today (€ 279.8 billions). Its stock quote reached its lowest recent point on July 03, 1997 at US$ 10.01, and its highest recent level on April 25, 2024 at US$ 59.93. Wells Fargo has 4 997 319 680 shares outstanding. |