The pandemic is putting a nail in the coffin of the most vulnerable municipal money funds, taking away tax-free investment options from some mom-and-pop investors.

In September, Vanguard Group told investors it would shutter New Jersey and Pennsylvania-focused funds. Bank of New York Mellon’s Dreyfus liquidated one state-specific fund last month and in August, Federated Hermes said it would wind four down in February.

These muni money funds invest in the ultrasafe, short-term debt of states and local governments.

In the past six months, assets in tax-exempt money funds shrank nearly 10% to about $130 billion across about 180 funds in August, according to Crane Data. At their height 12 years ago, they held almost four times the amount they do now—and there were more than twice as many.

“The Covid storm revealed these evolutionary changes that had been taking place,” said Patrick Luby, a municipal strategist at research firm

Read More

  • Content-recommendation giants Taboola and Outbrain scrapped their plan to create a $2 billion company that would help publishers compete with Google and Facebook. 
  • The two companies faced pressure to merge and end their costly rivalry.
  • But the deal was hampered by regulatory hurdles, the pandemic-induced economic downturn, and cultural differences that were laid bare by the downturn.
  • Visit Business Insider’s homepage for more stories.

Last October, longtime rivals Outbrain and Taboola announced they were merging their content recommendation companies as part of an effort to give advertisers an alternative to the Facebook-Google ad duopoly.

“We hope that this is a huge win for the industry, giving small and big advertisers more choice in terms of where they can run their ads online and, in turn, help to grow revenue for publishers,” Taboola founder and CEO Adam Singolda said at the time.

Ten months later, the deal is dead after both

Read More