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Other - JULY 1, 2020

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Fidelity Investments to close two institutional money market funds

by Andrea Zander

Fidelity Investments has closed its two funds, Fidelity Investments' Money Market Prime Money Market Portfolio (FIPXX) and the Money Market Prime Reserves Portfolio (FHPXX), reported RIA Biz.

Both will close to new investments Aug. 12, and they will be shuttered entirely Aug. 14.

Each fund is of the prime institutional money market that comprises up to 7 percent of the $4.6 trillion U.S. money market fund industry, but use has dwindled from $1.1 trillion in 2011 to today's $356 billion.

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