HSBC Asset Management’s US Dollar, Euro and Sterling liquidity funds have been assigned the top rating of Aaa/MR1+ by Moody’s Investors Service. They already have the top AAA rating from Standard & Poor’s. Moody’s said the AAA rating reflects the very high quality of the funds’ holdings and the maintenance of high levels of liquidity. It added that the rating reflects the good short-term money management capabilities and the sound trading, research, audit and compliance procedures of HSBC Asset Management.
“We are pleased to have received this endorsement from Moody’s which we believe will add to the appeal of our range of funds,” says Dean Buckley, chief executive officer of HSBC Asset Management’s UK based business. “We believe liquidity funds will be a key area of growth in the coming year.”
HSBC Asset Management’s Dublin based liquidity fund range more than doubled in size between 31 December 2001 and 31 December 2002, with the value of the funds under management increasing from US$2.9 billion to US$6.0 billion.