JPMorgan launches automated cash sweep service
EUROPE - JPMorgan Treasury Services has launched a new automated investment sweep service to its range of Luxembourg money market funds aimed at corporate and institutional clients wishing to invest surplus cash.
The JPMorgan sweep transfers cash from clients' current accounts into AAA rated offshore funds domiciled in Luxembourg.
Clients automatically invest or redeem via the sweep on a same day basis in accordance with specific cut-off times for each currency.
St. John Potter, liquidity and investments specialist at JPMorgan
Treasury Services comments: "JPMorgan was one of the early pioneers of
money market funds in Europe and has rapidly grown to become the number
one provider in terms of assets under management, with over 20% market