Money market funds are mutual funds that make investments in securities that take a short time to mature. They are open-ended. This means that they do not close out investors. They accept investments at any time. Some of the securities that they invest in include commercial paper, treasury bonds, and other funds. The first money market fund was set up in 1971. It was known as the Reserve Fund. It offered investors an opportunity to save money while generating some returns. Money market funds have grown ubiquitous and are present in many countries around the world. They are usually operated by insurance companies and financial institutions such as banks. There are several types of money market funds including retail money funds, Treasury money funds, and prime money funds.
Bruce Bent II is one of the most experienced money market fund managers in the world. He is the president of Double Rock Corporation and the vice chairman of its board. His understanding of money market funds stems back to his father who was the founder of the first fund. Double Rock is a financial company that uses technology to offer cash management solutions. It is made up of several affiliate companies including Intrasweep, Island Intellectual Property, and the Landing Rock Group. Bent II serves as a senior executive at each of these subsidiaries. The company’s clients include brokers, retail markets, and banks. Bruce Bent II has a Bachelor’s degree in Philosophy from Northeastern University. He joined Double Rock after completing school and has worked there for a long time.
Bent II was the finance chairman of the Manhattan chapter of the Young Presidents Organization. He was once a member of the Entrepreneur’s Organization in New York. This is a group that brings together entrepreneurs from all over the city. BentII is often recognized for his work with Access Control Advantage. This led to the creation of an automated loan solution that reduced borrowing by more than 20%. He was influential in the development of FDIC-insured sweep programs that turned out to be revolutionary products. Bent has several patents to his name because of his role as a pioneer of these services.
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