Table 2.
Sponsor bailouts of money market mutual funds
| Rank | Fund sponsor | Fund assets in billions supported by sponsors | Fund assets in billions supported by sponsors and insured by taxpayers | Fund assets supported by sponsors that received cash subsidies from sponsors | Fund assets supported by sponsors that would have broken the buck without sponsor subsidies |
|---|---|---|---|---|---|
| 1 | DREYFUS | $270.97 | $267.04 | $59.44 | $12.21 |
| 2 | CHARLES SCHWAB | $91.41 | $91.41 | $0.00 | $0.00 |
| 3 | COLUMBIA FUNDS | $59.44 | $59.44 | $59.44 | $12.21 |
| 4 | MORGAN STANLEY | $57.13 | $57.13 | $16.39 | $0.00 |
| 5 | LEGG MASON | $45.09 | $45.09 | $35.37 | $35.37 |
| 6 | EVERGREEN INV. MANG. | $35.98 | $35.98 | $35.98 | $35.98 |
| 7 | NORTHERN TRUST | $22.93 | $22.93 | $0.00 | $0.00 |
| 8 | WELLS FARGO | $22.12 | $22.12 | $0.00 | $0.00 |
| 9 | TD ASSET MANG. | $19.80 | $19.80 | $0.00 | $0.00 |
| 10 | VOYAGEUR ASSET MANG. | $13.01 | $13.01 | $0.00 | $0.00 |
| 11 | RIDGEWORTH FUNDS | $8.49 | $8.49 | $8.49 | $8.49 |
| 12 | SEI GROUP | $7.07 | $7.07 | $7.07 | $7.07 |
| 13 | CREDIT SUISSE | $6.66 | $6.66 | $0.00 | $0.00 |
| 14 | ING | $6.03 | $6.03 | $0.00 | $0.00 |
| 15 | RUSSELL INV. | $5.82 | $5.82 | $0.00 | $0.00 |
| 16 | USAA INV. MANG | $5.72 | $5.72 | $0.00 | $0.00 |
| 17 | RIVERSOURCE INV. | $4.75 | $4.75 | $0.00 | $0.00 |
| 18 | JANUS CAPITAL MANG. | $4.16 | $4.16 | $0.00 | $0.00 |
| 19 | VICTORY CAPITAL MANG. | $3.29 | $3.29 | $0.89 | $0.00 |
| 20 | NEUBERGER BERMAN | $2.86 | $0.00 | $0.00 | $0.00 |
| 21 | PRINCIPAL MANG. | $2.71 | $0.70 | $0.00 | $0.00 |
| 22 | PHOENIX INV.PARTNERS | $2.55 | $2.55 | $2.46 | $2.46 |
| 23 | NATIONWIDE FUND ADV. | $2.44 | $2.44 | $0.00 | $0.00 |
| 24 | MUNDER CAPITAL MANG. | $1.92 | $1.92 | $0.00 | $0.00 |
| 25 | THRIVENT FIN. FOR LUTHERANS | $1.54 | $1.54 | $0.00 | $0.00 |
| 26 | TCW INV. MANG. COMPANY | $0.85 | $0.85 | $0.00 | $0.00 |
| 27 | GOLDMAN SACHS & CO. | $0.25 | $0.25 | $0.00 | $0.00 |
| Total | $705.0 | $696.2 | $225.5 | $113.8 |
All assets numbers are in billions and are from September 30, 2008. The asset figures are taken from the CRSP mutual fund database. Funds sponsors are ranked by the assets of funds which received support from their sponsors in 2007 to 2008 according to the SEC definition in Hensler (2012). Approximately 25% of the $2716 billion in fund assets guaranteed by taxpayers were from fund that the SEC identified as having sponsor support, according to our estimates. Brady et al. (2012) was the source for cash support by sponsors during the crisis defines sponsor support very narrowly as cash injections that represent subsidies to the particular funds. Brady et al. (2012) does not include guarantees in their definition of sponsor support. Funds saved from breaking the buck received support, as defined by Brady et al. (2012), which exceeded 0.5% of fund assets. Highlighted fund sponsors saved 100% of fund assets tracked by CRSP from breaking the buck. Readers may not use or reproduce any part of this list without citing this paper