When the Securities and Exchange Commission voted to change the way institutional shares of money market funds are priced, it left one investment vehicle in limbo: Local Government Investment Pools.
LGIPs are structured similarly to money market funds, though the only investors allowed are local and state governments or other "governmental units."
Like money-market funds, their primary purpose is to provide a low-risk, liquid investment vehicle, the shares of which are priced at a stable net asset value of $1.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
