Bank of Bermuda's All Points Corporate Money Funds will add two new currency options for investors from July 16. The new sterling and euro funds will join the already well- established US dollar fund.

These new currency funds will offer both Class A and Class B options and will deal daily with next day settlements. Minimum subscriptions for the euro fund will be ?5 million for Class A and ?100,000 for Class B. For the sterling fund they will be ?3.5 million for Class A and ?70,000 for Class B. All currency classes carry management fees of 0.25 percent per annum for Class A shares and 0.35 percent per annum for Class B.

Brian Boyd, general manager mutual fund services, said: ``These currency options reflect the bank's ongoing commitment to offer competitive investment products through its All Points family of mutual funds. Our funds are designed to meet the needs of our client base. The funds are an attractive alternative to bank deposits for corporations and high net worth investors looking to make the most of their currency income.''

The funds often produce better returns than bank deposit accounts and offer corporations and high net worth individuals a competitive short-term cash management vehicle. There is financial flexibility with daily withdrawals and telephone instruction. Dividends are declared daily and paid monthly with the option of automatic reinvestment and there are no purchase, transfer or redemption charges.

The funds will invest in high quality money market instruments, including bank deposits, CDs, commercial papers, repurchase agreements and floating rate notes. Securities will be denominated in the respective base currency of the funds thus eliminating foreign exchange risk. They will not have a maturity or interest refixing date longer than 13 months and interest rate swaps and derivative products will not be used unless for hedging purposes.

The funds are managed by Bermuda International Investment Management Limited - BIIML and Moody's has assigned Aaa/MR1+ ratings to the two new classes of the All Points fund. This is the same rating already enjoyed by the US dollar class.