Jersey Fund Manager Launches Money Market Funds

Investors Offshore, London

25 October 2002

Ashburton, the international investment managers in Jersey, has launched its first Money Market Funds with a choice of Sterling, US Dollar and Euro funds.

The Ashburton Money Market Funds have been designed to appeal to investors hesitant to invest in stock markets at present but seeking more than the level of return available from cash deposits. They will be managed by Peter Lucas, Ashburton’s Global Investment Strategist.

Trevor Falle, Managing Director, Ashburton, commented :

“The Funds are in a portfolio exclusively exposed to cash or cash equivalent instruments traded on the global capital markets. Private investors are able to obtain similar levels of return to those available to institutional investors, with the same level of capital security.”

The Funds will initially invest exclusively through an institutional SICAV umbrella fund based in Luxembourg that Ashburton’s investment team already manages for RMB Asset Management, a part of the FirstRand Group, Ashburton’s parent company.

“Investing via this existing umbrella fund, which was established for the institutional clients of RMB Asset Management, ensures that our new Money Market Funds have the scale of assets necessary to generate a highly attractive institutional rate of return,” said Mr. Falle.

“With interest rates at such depressed levels and with the extreme volatility in the markets, there will be many private clients seeking alternative investment schemes and the Money Market Funds, which will invest through an institutional umbrella fund, provides another appealing investment option.”

The portfolios may later be extended to include directly held cash deposits and money market instruments, once the Ashburton Money Market Funds have grown to an adequate size.

The target annual return is three month LIBOR (London Inter-Bank Offer Rate) in the respective currency, less 0.5 per cent. The minimum investment figure is £10,000 (15,000 US Dollars; 15,000 Euros). Further details are attached.

Ashburton is this year celebrating 20 years in the investment management industry. It has 6,000 clients in 60 countries and currently has funds under management valued at more than £1 billion.

Ashburton (Jersey) Limited is registered and regulated in the carrying on of investment business by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998.

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