JPMorgan Fleming has increased the market share of its Global Cash Business by 0.6% to 6.1% globally and its assets under management by $3,190m. In doing so, it has moved up to 3rd position in the money market fund provider rankings, according to iMoneyNet. The bank attributed its success, achieved despite difficult low rate market conditions, to the newly created global cash business team, which was put in place in December 2003. Robert Deutsch, Global Head for JPMorgan Fleming’s Cash Business, commented: ‘We have been successfully gathering assets at a time of unprecedented redemptions, particularly in the US, where the cash industry experienced outflows of over $180bn (according to IMoneyNet). To have gained market share and increased our assets during a time of very low rates and difficult markets for cash, is a credit to our global distribution and product teams.’
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