IoM Fund Gets Top Rating From S And P

by Jason Gorringe, Tax-News.com, London

19 September 2006

AbicoCash Plc has become the first fund registered in the Isle of Man to receive Standard and Poor's top AAA rating.

Commenting on the achievement, Richard Caley, business development manager for AbicoCash, stated in a report by Isle of Man Online that: "Our fund has consistently been a top performer in its class since it was launched. Although it has GBP200 million under management, up until now we have not marketed it externally."

He added: "We believe it will be highly attractive to a wide ranging audience, from high net worth investors to IFAs and captive insurance groups. Also local authorities and institutions looking to generate a better return on cash."

Created in April 2000, AbicoCash is an open-ended investment company structured as an umbrella fund. The investment objective of each fund under the umbrella is to maximize income, as is consistent with the preservation of principal and liquidity.

AbicoCash is a daily dealing money market fund, which fully distributes all income on a monthly basis by way of dividend. The fund has been certified as a distributing fund by the Inland Revenue.

The treasury team of Abacus Financial Services Ltd., manager of AbicoCash PLC, applies a very conservative investment strategy across the four funds. Each fund invests in a portfolio of high-quality short-term money market instruments, denominated in the fund’s base currency (euros, sterling and US dollars).

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