Goldman Sachs Group Inc had to prop up two of its prime money-market portfolios ...
) had to prop up two of its prime money-market portfolios this past week with more than $1 billion in capital due to heavy investor withdrawals, according to a disclosure filing with the U.S. securities regulator.
Its support came as markets had another violently volatile week over concerns about the coronavirus pandemic, and represents an extraordinary move in the staid money-market fund industry. Industrywide, investors pulled tens of billions of dollars from prime money-market funds, which buy top-rated corporate debt and are seen as relatively risky compared to portfolios that heavily feature U.S. government debt obligations.
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