Institutional Money Market Funds Association Launched
London-6 July 2000:
As a founding associate member, Fitch, the international rating agency, is pleased to announce that a group of 22 leading European offshore money market fund managers have joined forces to create a new trade body, the Institutional Money Market Funds Association (IMMFA), based in London.
IMMFA will represent its members' interests within
the cash management product arena of triple-A rated,
stable and accumulating net asset value money market
funds currently domiciled in offshore European financial
centres.
Encompassing 98% of the assets under management within the above funds, the core objectives of IMMFA include industry standardisation, investor awareness and making representation to Governments, legislative and regulatory bodies to attain formal product recognition and regulation.
Available predominantly in US Dollar, Euro and UK Pound Sterling at present, money market funds constitute diversified pools of high grade, short dated money market assets that are actively managed within specific and transparent guidelines to offer safety of principal, liquidity and competitive returns. Despite their relative infancy, triple-A rated money market funds have become a $45bn business in Europe, growing at 80% per annum. This figure is set to grow further in the current interest rate environment as corporations seek higher levels of return, diversification (both currency and instrument) and risk management than those available via traditional bank sources. In the US, money market funds are valued at more than $1.6 trillion.
IMMFA MEMBERS:
ABN AMRO Asset Management Ltd; AIM Global Aon Advisors (UK) Ltd.; Barclays Global Investors Ltd.; BNP Paribas Asset Management; The Bank of New York; Chase Asset Management; Deutsche Bank AG; Federated Investors, Inc.; Fidelity Investments International; Gartmore Investment Management plc.; Goldman Sachs Asset Management International; HSBC Asset Management (Europe) Limited; Investec Investment Management Limited; JP Morgan Investment Management; Liberty International Asset Management Ltd.; Merrill Lynch Investment Managers; Morgan Stanley Dean Witter Investment Management; Northern Trust Global Investments; The Royal Bank of Scotland; SSB Citi Asset Management Group; State Street Global Advisors
ASSOCIATE MEMBERS:
Fitch; iMoneyNet Inc.; Moody's Investor Services Limited; Standard & Poor's Fund Services
Chair: David Hynes (Gartmore Investment Management plc); Treasurer: Peter Collacott (State Street Global Advisors); UK Committee: Colleen McDermott (Merrill Lynch Investment Managers); Continental Committee: Peter Knight (JP Morgan Investment Management); Media Committee: Paul Thompson (Goldman Sachs Asset Management International)
Contact: IMMFA Company Secretary: Ashley D Meek Tel: +44 (0)20 8673 1994 or email: immfa@hotmail.com
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