Mary Schapiro's Loss is Not a Win for Large Asset Managers: Stifel

Yesterday, the Securities and Exchange Commission (SEC) Chairman, Mary Schapiro, aborted her effort  to impose new laws on money-market mutual funds. Some asset managers are shooting up on the news. Federated Investors, which mostly manages cash, is up over 6% at the time of this writing. Fidelity and Federated Investors Inc (NYSE:FII) fought hard against the changes, arguing that it would deny companies a cheap source of capital. Many money market funds buy commercial paper, which is lent to them by large corporations. Mary Schapiro’s proposal was to  give fund managers a choice between a floating  net asset value, which reflected…