One of the Bank of Bermuda's most successful mutual funds has recently celebrated its fifth anniversary and announced assets under management of US$4.85 billion.

The All Points Corporate Money Funds was launched in January 1997. It is a short-term vehicle for corporate and high net worth individuals which provides a higher investment return than a deposit account. Unlike other funds, investors are allowed daily access to the All Points Corporate Money Funds.

Last week the managers of the fund shared a birthday cake with clients, thanked them for their continued support and pledged to continue their efforts to provide the best possible product.

Chief executive officer Henry Smith and fund manager Faith Outerbridge were there to blow out the candles.

'We are proud to be the cash management vehicle of choice for the corporate community in Bermuda," said Ms Outerbridge.

"We knew there was a real need in the international business community for this type of product when we created the fund," she continued, noting: "Even we have been surprised by the popularity and level of success that has followed."

The fund now offers a US dollar shares class as well as Sterling and Euro options. It is credited with the highest possible Moody's rating of Aaa.