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Money fund assets drop to $2.708T

Total money market mutual fund assets fell $34.37 billion to $2.708 trillion for the week ended Wednesday

Morningstar announces new rating system

Morningstar’s President of Research Don Phillips announced last week a new “forward looking” analyst rating system will be based on analysts’ convictions about a fund’s ability to outperform its peer group and relevant benchmarks on a risk-adjusted basis. The company plans to launch the new ratings and research reports in the fourth quarter. Read more at AdvisorOne.

Vanguard launches actively managed emerging markets select stock fund

Vanguard introduced the Vanguard Emerging Markets Select Stock Fund, an actively managed emerging markets equity fund that will employ four highly regarded global advisory firms: M&G Investment Management Limited, Oaktree Capital Management, L.P., Pzena Investment Management, LLC, and Wellington Management Company, LLP. The fund is now accepting investments during a two-week subscription period that is expected to conclude at the end of business on June 27, 2011.


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