In the year 2000 Valletta Fund Management launched the La Valette USD Money Fund, La Valette Sterling Money Fund and La Valette Euro Money Fund which aim to provide an attractive rate of return with the opportunity to convert at any time between currencies, without switching charges, at the current exchange rates.
Valletta Fund Management announces a change in the investment policies of the La Valette Money Funds to the effect that the assets of each of the La Valette USD Money Fund, La Valette Sterling Money Fund and La Valette Euro Money Fund shall be invested directly in the corresponding currency classes of shares of the Insight Liquidity Funds plc, namely, the ILF USD Liquidity Fund, ILF Eur Liquidity Fund and ILF GBP Liquidity Fund. The Insight Liquidity Funds are UCITS certified and aim at attaining a rating of AAAm. Insight Investment, the investment management arm of HBOS plc, is the fund manager of Insight Liquidity Funds.
Speaking about these investment opportunities, Kenneth Farrugia, general manager of Valletta Fund Management said “this range of money funds offers an opportunity to invest in highly liquid assets which provide an attractive return at practically no risk. Shares in this fund can be purchased at zero up-front charges and can be redeemed at no exit fee. The La Valette Sterling Money Fund will invest in the Insight Liquidity Sterling Fund, which is a successful fund and in fact it is the fourth largest fund in the sterling fund universe with the fund size at £3.028 billion in 2004.”
Insight Investment’s institutional cash management capability has been recognised by industry benchmarks. For two consecutive years Insight Liquidity Funds plc was cited as the ‘Top Performing Sterling Money Market Fund’ by iMoneynet, the industry’s leading provider of money market mutual fund data. The Insight Liquidity Sterling Fund’s return for 2004 was 4.45 per cent against the IMMFA Money Fund report stable sterling average return of 4.33 per cent.
Insight Investment received further recognition at this year’s Global Investor Awards for Investment Excellence, when its money markets team, led by Nigel Pullen-Warner, was ‘highly commended’ for its cash management expertise.