Morgan Stanley Investment Management, the asset management arm of US banking giant Morgan Stanley, has unveiled a new ultra-short income fund aimed at cash investors.
Dubbed Morgan Stanley Institutional Fund Trust (MSIFT) Ultra-Short Income Portfolio, the new fund will take a conservative investment approach focusing on capital preservation and liquidity.
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It will have an initial net asset value (NAV) of $10.00 that may float, and 90 days of maximum weighted average maturity.
The fund will be managed by the same team that runs the Morgan Stanley Institutional Liquidity Funds.
Morgan Stanley managing director and CIO for global liquidity Jonas Kolk said: "This is a member of a new category of funds, Conservative Ultra-Short. Because the ‘ultra-short’ category lacks specificity – with some funds managed very conservatively and others aggressively, with durations close to a year and credit quality that dips into the high yield space – `it is critical for investors to look under the hood of ultra-short funds to see how their investment engines run. Not all ultra-short funds are created equal."
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