Barclays Global Investors has introduced an intermediary share class on its Dublin-domiciled Liquid...
Barclays Global Investors has introduced an intermediary share class on its Dublin-domiciled Liquidity Plus cash fund.
The Premium share class on the fund gives a flexible commission to distributors on a deal by deal basis, based on the difference between the 22.5 basis points management fee on the intermediary share class and the 15 on the institutional class.
BGI has three liquidity fund in its offshore Oeic structure, Liquidity First, Liquidity Plus and Select Cash, and initially introduced the Premium share class on Liquidity First last year. It now has no plans to extend the intermediary share class to the Select Cash Portfolio, according to head of cash management at the group Mark Hannam. The three funds are all available in sterling, euros and dollars, with a minimum investment of £250,000, $400,000 or E400,000 for the Liquidity First and Liquidity Plus portfolios. Minimum investment into the Select Cash fund stands at five million in sterling, US dollars or euros.
Liquidity Plus is the medium-term portfolio in the group's liquidity range, requiring investment on a minimum three-year basis, it aims to match three-month deposit rates.
Liquidity First is benchmarked to seven-day deposit rates and offers daily liquidity, making it similar to putting money on deposit, while Select Cash looks to outperform three-month deposit rates by 20 basis points per annum, and is designed for a minimum one-year investment.
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