French-based Amundi is trying to tap into a European institutional and corporate money market that amounts to $304bn.
The Amundi Money Market fund – Short Term USD will aim to outperform capitalised fed funds and offers a choice of two share classes: constant NAV and variable NAV.
Constant NAV does not vary and net returns are accumulated on a daily basis and either paid in cash monthly to the investor or reinvested.
Variable NAV changes every day and net returns are accumulated.
Laurent Bertiau, deputy head of the institutional investment division, said:
"With this sub-fund, we aim to offer our clients the strengh of Amundi’s money market expertise at ‘low-cost’ combined with top-quality client service."
The sub-fund is managed by Amundi’s money market management team, made up of six portfolio managers.
"Through the extension of our range of Luxembourg monetary products, we aim to become a leading asset manager for constant NAV products.
