Goldman Halts Investments in European Money Fund After ECB Cut

By Dawn Kopecki and Sree Vidya Bhaktavatsalam

July 06, 2012

Companies Mentioned

GS

Goldman Sachs Group Inc/The
- $164.15 USD
- 0.04
- 0.02%

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Goldman Sachs Group Inc. (GS) temporarily closed a European money-market fund to new investments after the European Central Bank lowered deposit rates to zero yesterday.

The move affects the GS Euro Government Liquid Reserves Fund and doesn’t prevent redemptions, New York-based Goldman Sachs wrote in an investor memo obtained by Bloomberg News. Its contents were confirmed by Andrea Raphael, a company spokeswoman, who declined to comment further.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net