Northern Trust becomes the latest complex to add government options to its lineup of sterling and euro offshore money market funds. The company said in a London press release Monday, "Northern Trust announced today that its asset management arm, Northern Trust Global Investments ('NTGI'), has become the first investment manager to launch triple-A rated offshore government liquidity funds in three currencies. The funds, which launched in U.S. Dollar, Sterling and Euro currencies, are designed to complement NTGI's suite of existing cash management products, and have been launched in response to an increasing investor appetite for funds invested in government securities."
David Rothon, senior investment strategist, says, "As a result of these unprecedented times in global financial markets, we have seen an increased demand for cash products and increasingly risk averse investments. Our cash products have all been designed to give investors the choice to invest in a range of funds with differing risk/return profiles, and all emphasising capital preservation."
The release continues, "The Government Liquidity funds aim to provide investors with returns consistent with short-term government interest rates, while maintaining a high degree of liquidity. They invest exclusively in government securities, explicitly guaranteed government agencies and repurchase agreements backed by government debts. In addition to the Northern Trust Government Liquidity funds, NTGI offer Global Cash Funds in U.S. Dollar, Sterling and Euro currencies, which are particularly appropriate for investors with a short term horizon, coupled with high or uncertain liquidity requirements."
In other news, last week Crane Data began publishing a "beta" or test version of a new product, Money Fund Intelligence International. MFII tracks USD, Euro and Sterling "offshore" money market mutual funds offered by the following firms: AIM, Barclays, BlackRock, BNY Mellon, BoA, Citi (Western), Federated, Fidelity, Fortis, Goldman, HSBC, JPMorgan, Morgan Stanley, Northern, RBS, SSgA, Standard Life, SWIP and UBS. Contact Pete to participate or for more information.
