The Reserve to launch two funds

The Reserve, a New York-based cash management provider is planning to launch two new funds later this year. At a news briefing this morning, Bruce Bent, founder and chairman of the Reserve said a Euro Fund and Sterling Fund will be rolled out, most likely sometime this summer. The currency funds will mainly be designed for institutional investors, he said. The Reserve has over $66.5 billion in assets under management and is known for creating the world’s first money market fund in 1970.