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Cash Management Fund For Captives Reaches US$1 Billion in Assets
Joint Aon/Barclays Global Investors facility reaches new milestone

London - 14 June 2004 - A cash management product launched for captive clients of Aon Captive Services Group (ACSG) and managed by Barclays Global Investors (BGI), has reached a key milestone, having attracted US$1billion in managed assets from clients of Aon.  The fund, launched in October 2001, has consistently been among the top performers in its peer group while also giving Aon’s captive clients access to a competitive letter of credit facility with Barclays Bank, vital for captive clients in the current market.

 

Commenting on the success of the fund, Stephen Cross, Chief Executive Officer of ACSG, said: "The cash fund launched jointly by Aon Captive Services Group and Barclays Global Investors was set up at a time of ever-increasing problems for captive owners in the areas of fronting, collateral requirements and low investment returns. The growth in the facility is testimony to the value it has created for our clients."

 

The cash product has a AAA rating, with same day liquidity and strong past returns, which removes the need for cash assets to be placed with banks. It can also be used to secure a letter of credit with Barclays.



Mark Fitzgerald, Director BGI said,  "By combining the strength of Aon's position in the captive insurance market place with BGI's global expertise in cash management, we were able to offer an innovative cash product to Aon clients around the world. With access to a leading cash management product and a competitively priced letter of credit facility through a globally recognised bank, Aon clients win on all fronts."

 

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.

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