Following a prominent fund's "breaking of the buck"--that is, a decline in its net asset value below par--in September, investors began to withdraw funds in large amounts from money market mutual funds that invest in private instruments such as commercial paper and certificates of deposit.
The Shariah advisory board works closely with the parties to a proposed transaction to structure instruments so that they meet both Shariah and commercial requirements.
But under the leadership of industry legend Dennis Picard, the company jettisoned virtually all of its commercial businesses and bulked up on military lines as companies like General Motors and Texas Instruments sought to exit the sector.