S&W Cash fund top seller at Cofunds

Investors are flocking into cash funds, with Smith & Williamson Cash the top-selling vehicle on Cofun...

Assets have surged to £260m from £80m after it was re-domiciled to Dublin to benefit UK taxpayers earlier this year.

Turmoil in the stock markets has also pushed cash funds up in popularity as investors seek a secure place for their savings.

S&W Cash was the top fund by net sales and third best selling by gross sales in September on the platform.

Angus Duncan, head of distribution at S&W said “People are using the fund for what it has been designed for, a safe haven. Although people are worried about even cash funds being safe at the moment this product is managed very cautiously holding cash, term deposits and certificates of deposits.

“There are no floating rate notes and the list of counterparties is as cautious as we can make it. We have all of the right things to diversify cash risk.”