Fidelity pushes market funds.

Investment Adviser, October, 2007

In an apparent move to capitalise on public anxiety over Northern Rock, Fidelity International has touted money market funds over cash deposit accounts.

Richard Wastcoat, UK managing director of Fidelity, said: "Savers nervous about entrusting their cash to a single financial institution and who still want a competitive interest rate should consider a money market fund."

Fidelity pointed out money market funds offer up to AGBP48,000 coverage under the Financial Services Compen-sation Scheme. "Savers who opt for a money market fund have effectively hired an expert investor to seek out the best interest rates in the market on their behalf," Mr Wastcoat added. "These funds spread money across highly liquid cash-like securities issued by a wide range of...

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