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Key to making dollars work: they launch the first FCI Money Market in US currency

Key to making dollars work: they launch the first FCI Money Market in US currency
Key to making dollars work: they launch the first FCI Money Market in US currency

A fund manager launched the first Money Market Mutual Fund in US currency. The details.

The fund manager MegaQM launched this Wednesday the industry’s first Money Market Common Investment Fund (FCI) nominated in dollars. It’s about a immediate liquidity fund in dollarswith a conservative risk profile and short-term horizonIt is for those who want to make their dollars go further, from their savings accounts, current accounts or those that remain “under the mattress.”

The objective of this FCI, MegaQM reported, is “to reward investors’ liquidity in dollars, investing the fund’s assets in a diversified portfolio of fixed-term deposits, interest-bearing accounts in leading banks and stock market guarantees in dollars“.

Among the advantages of this fund, they mentioned its liquidity, risk diversification, stable income, and operational simplicity. The FCI’s minimum investment, called MegaQM Dollar Liquidity, is US$1,000 and aims to achieve a target equity of US$30 million.

“The fund seeks to manage short-term liquidity surpluses by investing in accrual instruments and remunerated accounts. The universe of accrual instruments acceptable to the fund is limited to Surety of more than 1 day, Simple Fixed Term and Precancelable Fixed Term. These instruments are arbitrated based on the term, rate and rating of the issuer, maintaining a maximum of 30%,” they explained.

According to INDEC, in the fourth quarter of 2023, the amount of money in dollars – or other currencies – that Argentines keep outside the local financial system is US$277,793 million.

Source: Ambito

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