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Prime Rate launches Isle of Man feeder fund

Posted: 30 April 2008

Prime Rate Capital Management today announces the launch of a specialist Isle of Man feeder fund to provide off-shore access to its UK based Qualifying Money Market funds. The fund is available in Dollar, Euro and Sterling and targets investors who are keen to use offshore funds but may still want the benefits of a UK based liquidity fund.

The principal fund range Prime Rate Cash Management Funds was launched at the end of March 2008 and are the first UK domiciled, Constant Net Asset Value (CNAV), Qualifying Money Market Funds. All funds were awarded the highest possible fund rating from Standard & Poor's and Fitch in recognition of the credit quality, market price exposure, and
management.

Commenting on the new fund, Chris Oulton, CEO Prime Rate Capital Management, said: "We felt it was important to have a feeder fund that suits a broader range of clients and the offshore jurisdictions have been working hard to facilitate these flexible arrangements for investors.

In particular, the Isle of Man has introduced new types of funds, which allow fund managers a quick and economical route to market.  We are pleased to be able to offer this type of fund as a new access point for Isle of Man investors to capitalise on the success of the existing range."

The principal fund range invests in a wide selection of highly rated securities, with limited exposure to any individual issuer. This means that the investor's liability is spread over a range of different credits, an increasingly important consideration for investors in the current markets.

Prime Rate's management team has an average of over 20 years experience in the cash markets, both in bank treasury departments and in asset management companies. Prime Rate is using this experience to provide a conservative, ‘plain vanilla' product which offers same day liquidity and attractive returns at a competitive price.

Click here for more information on the Isle of Man

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