Munder Capital Drops Money Market Business

September 2, 2008 ( - Munder Capital Management, an institutional money management firm, has announced plans to exit the money market mutual fund business.

In the announcement, CEO John Adams said the continued development of the firm’s growing domestic and international equity and fixed income capabilities is where it will be committing its investment and distribution resources.

“Since 2005, assets in these core businesses have grown 66% to $20.7 billion. While we will continue offering separately managed liquidity accounts for institutional investors, the money market mutual fund business requires a scale and focus no longer consistent with our long-term business goals and objectives,” Adams said.

Munder Capital currently manages approximately $9 billion in cash products, and said it is committed to working closely with its Fund Board and shareholders to ensure a smooth and timely transition from the business.