UK - Fidelity Investments, part of the world's largest independent fund management organisation, has announced that HM Treasury has approved Fidelity's Institutional Cash Fund (ICF), a ‘AAA' rated (Moody's) money market fund, as an investment vehicle for local authorities to utilise for their day-to-day cash management procedures.
Fidelity has more than 25 years experience of managing money market funds and currently has more than £147bn under management in money market funds.
Adrian Mearns, director - head of sales at ICF said: We have been working with local authority treasurers and finance directors since the early part of 1999 to get money market funds added to the approved list of investments for local authorities.
“There is a growing level of awareness within central and local government in the use of money market funds. We are pleased that Fidelity has played a very prominent role in highlighting money market funds as a viable alternative for local authorities by drawing attention to key issues such as security, flexibility, in-house independent credit research as well as strict and rigorous investment processes. These significant areas are the business relationship drivers in providing consistent value for money and yield returns for cash placed on overnight and longer deposits.”
He continued, Before actively marketing Fidelity's ICF to local authorities it has been vitally important that we thoroughly researched their requirements and best value objectives. Rebecca Mitchell-Brown, a senior relationship manager leads our local authority team and we are committed to providing first class cash management services and products to this market.
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