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JP Morgan looks to double liquidity fund to £16bn

JP Morgan Asset Management head of UK sales Jasper Berens believes the group’s offshore sterling liquidity fund could double to £16bn in the next year.

The fund, which was recently added to Cofunds, is currently worth £8bn and grew by 54 per cent last year.

Berens says: “It offers a good alternative to putting money with banks at a time when interest rates have been slashed to record lows while the fund is offering a yield of 1.75 per cent.”

Berens says it is important for advisers to recognise that not all liquidity funds should be pigeonholed. He says: “There is no tolerance for loss, hence the AAA rating from Standard & Poor’s. Compare that with the majority of liquidity funds in the UK, which tend to be A rated.”


Averse and worse

“We have met the enemy and he is us,” said the political cartoonist, Walt Kelly. The importance of emotions in financial markets cannot be underestimated, as recent volatility has demonstrated.

Home in on europe

It has never been more important for mortgage advisers to be able to convert every enquiry they receive into business.

Start-up costs hit Tenet profit

Tenet has unveiled an operating profit of £1.74m for 2008, a fall of 52 per cent from £3.61m in 2007. This is largely due to the £1.75m start-up costs for Sinfonia Asset Management and its PI arm Paragon Insurance Services Guernsey.

Profits fall 19% at St James’s Place

St James’s Place Wealth Management Group saw a fall of 19.7 per cent in operating profits in 2008 to £204.3m from £244.7m in 2007 on an European embedded value basis.


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