Bruce Bent II and his Innovation in Money Market Funds

Bruce Bent II is a U.S.-based entrepreneur who is known for inventing money market funds with his “the Reserve Fund” in 1970. Since then, it is considered to be an innovative investment product in the financial world with its applications and other features. Money market funds are open-ended mutual funds that are giving focus on various debt securities which are short-term in nature such as repurchase agreements, commercial papers, and U.S. Treasury bills. The peculiar features are low risks of loss in terms of market, credit, and liquidity, considering, it is well regulated by U.S. Securities and Exchange Commission (SEC).

 

The rule 2a-7 of Investment Company Act of 1940, makes restrictions on its diversity, maturity, and quality, and usually, these funds are investing in highest rated debt instrument that can be matured within 13 months. It cannot invest in any funds more than five percent unless it is a repurchase agreement or government securities. The money market funds are asked to maintain a stable net asset value at $1 which is uncommon in other financial instruments. Investors also get a chance receive dividends from the fund if there is any. Altogether, the financial instrument is a safe investment option similar to bank deposits but assures a better return than the later. Due to this, people who wanted to earn better returns on their amount with assured safety would find this extremely useful.

 

Bruce Bent II has made some phenomenal success in the financial world apart from establishing the first money market fund. He is considered to be a visionary in money management and various retirement service businesses. There are many patents in the name of Bent which are defining the financial processes in an innovative way. Currently, he is the Vice Chairman and President of a money management and financial services company called Double Rock Corporation.

 

In 2013, Bent founded B2 Consulting LLC, a specialized consulting firm which focuses on its services in helping different startup businesses in consumer financing, digital currency, financial technology, and healthcare. He completed his Bachelors in Philosophy from Northeastern University. Bent has deep expertise in various banking, financial, and management skills with decades of experience.

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