J.P. Morgan Asset Management (JPMAM) has launched the JPMorgan Liquidity Funds – EUR Government CNAV Fund, a short-term public debt constant net asset value (CNAV) money market fund for investors seeking government exposure.
The fund will invest in short-term euro-denominated government or government-backed debt securities, including government bonds, treasury bills and other money market instruments, as well as reverse repurchase agreements (RRP) fully collateralised by euro-denominated Government Debt Securities, with all investments denominated in Euros.
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“With interest rates in Europe now firmly in positive territory after a decade of negative levels, we’ve observed growing demand from investors for a money market fund with exposure to short-term government rather than bank-issued short-term debt, said Jim Fuell, head of global liquidity sales, international at JPMAM.
Fuell continued: “The fund is likely to appeal to investors seeking an alternative to cash deposits for their medium-term or temporary cash investments, including seasonal operating cash or the liquidity components of investment portfolios.”
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Managed by Joe McConnell and Ian Crossman, the fund will be part of JPMAM’s Global Liquidity business, complementing two existing euro-denominated money market funds: the JPMorgan Liquidity Funds – EUR Liquidity LVNAV Fund and the JPMorgan Liquidity Funds – EUR Standard Money Market VNAV Fund, and will offer share classes for both retail and institutional investors.
