Prime Rate Capital Management LLP has received approval from the Financial Services Authority (FSA) for its “Prime Rate Cash Management Funds”, the liquidity sub-funds of which are the first UK domiciled qualifying money market funds.
These are denominated in Sterling, US Dollars and Euros.
The funds will offer investors access to a secure and flexible alternative to traditional bank deposits. They will aim to hold only ‘plain vanilla’, high quality liquid securities and will offer investors the ability to look through to the funds’ underlying investments. The funds intend to be rated AAA.
“We are delighted to be in the position to offer a UK domiciled fund for institutional investors and UK intermediaries holding third party client monies. The added comfort of a UK depositary and regulation by the FSA will particularly appeal to investors in the current uncertain market environment,” says Chris Oulton, CEO, Prime Rate.