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Lord Abbett Follows BlackRock Proposal for Internal Loans

By Tony Seruga

Lord, Abbett & Co. is seeking government clearance to set up an internal lending program that would help its mutual funds meet client redemptions should bond markets seize up, a growing concern among large money managers.

Lord Abbett, which had about $138 billion in assets under management at the end of March, applied with the U.S. Securities and Exchange Commission on Tuesday to create an interfund lending facility, the second such move by a large money manager in the past week…

Lord Abbett Follows BlackRock Proposal for Internal Loans

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