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Sunday, 14th April 2024
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Money market funds portal comes to Ireland Back  
Corporate treasurers and portfolio managers can now access a number of different money market funds through an institutional money fund portal. Run by Institutional Cash Distributors (ICD), the portal offers access to number of different offshore funds including Bank of America Global Liquidity US Dollar Fund, and the SsgA Cash Management GBP Fund.
Money market funds are mutual funds that invest in short-term debt instruments, on average achieving better than overnight Libid deposit rates. They are a relatively new concept in Europe, but have been popular in the US for the past 25 years. They are steadily gaining in popularity however, as they offer a reasonable return on assets, while still allowing the customer access to his funds, and many Irish banks now offer this product to their customers, including Bank of Ireland, whose dollar liquidity fund was the top-performing in the world in 2003. According to Edwin P. Baldry, co-founder and senior managing director of ICD, the portal will give access to up to 25 US dollar funds, 15 sterling funds and 15 euro funds in the short-term. He says that the service will enable treasurers to achieve an operational efficiency by checking the performance of different funds through one source and one statement. ICD’s current book of Irish business is made up of US multi-nationals with operations in Dublin, but Baldry hopes that this will expand, and part of ICD’s strategic plan is to have an office in both Dublin and London.

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