Money Market and Recordkeepers

[SRP]

I am interested in hearing from recordkeepers (or others with knowledge from a recordkeeper's perspective) who as part of their service offering include one or more money market investments within a plan's fund line-up.

Does anyone have any insight into the situation where a recordkeeper selects for (or requires) the plan to utilize a specific money market fund due to custodial relationships and basic plan recordkeeping/operations? I am interested to know if a recordkeeper that essentially selects that investment for the plan comes under scrutiny as an investment manager through the SEC or any other regulatory body. The recordkeeper is in a situation where it needs to have an available money market for its daily operations (default investments, forfeitures, ...) and it selects one of the money markets that the custodian makes available through the custodian's platform BUT does not want any investment liability or to be viewed as managing that asset for the plan.

Also, I am interested if anyone has insight into trying to provide a money market investment (within a participant directed plan) that has FDIC insurance coverage. What options have you found in having that type of FDIC insured investment on the plan fund lineup.

Lastly, it appears that the large operations tend to have a captive Money Market group that manages a money market account AND the product platform utilizes that investment as the plan's money market investment. Does anyone have knowledge from the perspective of a recordkeeper who may try to mimic such a "large house" investment by combining various money market investments to come up with a blended money market investment. Is there any prohibition against a recordkeeper creating/maintaining such a blended money market investment OR in other words must such a blending of investments be done under the umbrella of a trust company or a Registered Investment Advisor (RIA)?

Any thoughts regarding this tricky issue are appreciated.