S&P Rates MRM Performa Liquid Assets Fund `AAAm'.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Oct. 12, 2000-- Standard & Poor's today assigned its highest money market rating of triple-'Am' to the MRM MRM Marketing Resource Management MRM Mobile Resource Management MRM Metabolic Response Modifiers MRM Multiple Reaction Monitoring (mass spectrometry) MRM Mormonism Research Ministry MRM Mechanically Recovered Meat Performa Liquid Asset Fund liquid asset fund See money market fund. . The rating is based on Standard & Poor's analysis of the fund's credit quality, investment policies, market-price exposure, and conservative management. The rating signifies that safety of invested principal is excellent and that the fund has a superior capacity to maintain a $1 per share net asset value at all times. This is achieved through conservative investment practices and strict internal controls. Standard & Poor's will review the fund's portfolio holdings on a consistent basis. The MRM Performa Liquid Asset Fund is offered under the umbrella of MRM Liquid Assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. Fund Ltd., an open-ended mutual fund company incorporated on March 21, 1997, under the laws of Bermuda. The shares have not been registered and are not recognized under securities laws of the U.S. or the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. laws of the United Kingdom; the shares cannot be offered or sold in the U.S. or the United Kingdom. Minimum investment in the fund is US$100,000 with a subsequent minimum of US$10,000. The fund currently retains Butterfield Trust (Bermuda) as the custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. and Hemisphere Management Ltd. as the administrator. As investment adviser on the fund, MRM Securities Ltd., an indirect, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Mutual Risk Management Ltd. (MRM), a Bermuda-based insurance company, has delegated the day-to-day investment responsibilities of the fund to PRP PrP A prion protein. See Prion. Performa Ltd., an international organization with offices in Liechtenstein, Switzerland, and Bermuda. As subadviser to the fund, PRP Performa Ltd. has managed the fund since its inception in 1997. The overall investment objective is to achieve income while attempting to limit risk by investing in a diversified portfolio of cash and near cash instruments, such as commercial paper (including asset-backed commercial paper), U.S. government agency and corporate securities (both fixed and floating), time deposits, certificates of deposit, and repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. . The fund maintains high credit quality standards by investing at least 50% of its assets in securities rated 'A-1'-plus by Standard & Poor's or the equivalent and a maximum of 50% in securities rated 'A-1.' In order to enhance liquidity and diminish sensitivity to changing interest rates, the fund intends to maintain a weighted average maturity of between 10 and 20 days, Standard & Poor's says.--CreditWire |
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