Northern Trust launched a new Euro VNAV money market fund. The press release, entitled, "Northern Trust Helps Investors Navigate Negative Interest Rate Environment," says, "In response to the continued negative yield environment, the asset management arm of Northern Trust has launched a variable net asset value (VNAV) fund as part of its money market fund range. The Euro Liquidity Fund is designed to operate in both negative return environments and positive yielding markets and supports institutional investors requirements for liquid, diversified and high quality cash management products." David Blake, director of international fixed income at Northern Trust Asset Management, comments, "We anticipate the current negative Euro cash investment rate environment will persist for some time and the effect this has on interest accrual does not support a constant net asset value fund or structure particularly well. By launching our VNAV fund, we offer investors greater transparency whilst meeting their objectives for security and liquidity, despite the lower return environment." Earlier this year, the US Securities and Exchange Commission ruled that institutional money market funds will be required to convert to VNAV fund accounting within two years. In Europe, the European Commission is deliberating a similar proposal. "Regardless of the return environment, we believe VNAV is the future structure for money market funds due to their ability to allow continued access to high quality, same-day liquidity," said Wayne Bowers. "Northern Trust's VNAV Euro fund offers transparency, an unchanged investment philosophy and a long term structure that satisfies investor demand as well as regulatory concerns." Separately, Investment Week brings depressing news in, "IMMFA's Chris Oulton Passes Away." It says, "Founder and vice chairman of the Institutional Money Market Funds Association, Chris Oulton, has passed away at the age of 55. The long-term board member of IMMFA was a stalwart supporter of the European money market fund industry over 15 years. Over that period, he was head of institutional cash management at Investec Asset Management and Insight. He spoke often at seminars, explaining the merits of money market funds, and was widely regarded as an expert within the industry in his 30-year career. Oulton's former colleagues at Federated Investors (UK), described him as a "true, generous and loyal friend, one who always gave of his time and was a gentleman in the true sense of the word", adding "he will be sorely missed by many, and we offer our sincere condolences to his wife Annie and his four children."" Crane Data also wishes to extend our deepest sympathies and condolences to Oulton's family, friends and colleagues.

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