Argus Financial Limited (AFL) yesterday announced the launch of a new money-market fund in partnership with US investment giant BlackRock.

Joining forces with the BlackRock Institutional Cash Series has allowed AFL to bring access to the Institutional Liquidity Fund to Bermuda.

Described as an alternative to deposit accounts or certificates of deposit, the fund will offer conservative management, while allowing investors to withdraw thei cash at any time without penalty.

Argus Group chief executive officer Gerald Simons yesterday described BlackRock as "the best cash management firm in the world".

BlackRock announced yesterday that it had won $63.2 billion in new business globally in the three months to June 30, mainly to manage portfolios of clients hurt by the credit crisis. Its shares soared. AFL chief operating officer Cindy Campbell said: "Capital preservation is the key priority and primary driver for all of our investment decisions. BlackRock adds significant value to our customers through active management and in-depth credit and risk analysis."