ARLINGTON, Va.-- NAFCU Services Corp. today announced that it has closed its National Investment Fund for Credit Unions (NIFCU$.)
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In a statement, NSC said, “The continuing low interest rate environment and smaller size of the Fund, coupled with an ever-changing competitive environment, resulted in decreasing yields to account holders in recent years. Given that the low-yield environment is expected to continue in the foreseeable future, the Fund trustees determined it to be in the best interest of the account holders to terminate the Fund.”
San Francisco-based Union Bank, N.A., the investment manager and trustee of the Fund, is overseeing the liquidation of the Fund.
