BOSTON, March 23 (Reuters) - BNY Mellon Corp on Monday said its New Jersey municipal money-market fund's stable net asset value fell below $1.00 per share last week.
The $51 million fund's net asset value dropped to $0.9968 per share, prompting the bank to file a material event disclosure with the U.S. Securities and Exchange Commission.
It is unusual for a stable money-market fund's NAV to fall below $1.00 a share. In the SEC filing, BNY Mellon said the fund's net asset value 'deviated' from its intended $1.00 per share stable value.
Reporting By Tim McLaughlin Editing by Chris Reese