We employ 2000 people in investments, technology, management and administration¹. Our global network of offices spans the world’s market centres, giving us the capability both to invest worldwide and to serve the particular needs of institutional clients in any locality.

Barclays Global Investors Limited was formed in 1996 from the merger between BZW Investment Management and Wells Fargo Nikko Investment Advisors. Both companies had a long history of managing process-driven strategies and index funds and were the market leaders in this field in Europe and the US respectively.

At Barclays Global Investors we take the view that cash is an asset class in its own right and one that requires dedicated resources in order that credit, market and liquidity risks can be properly managed. Our resources include strategists and traders, credit and market risk analysts, client service teams and, not least, a trading system and IT support team, all of whom are exclusively devoted to managing cash funds for our clients.

Cash Management

Cash management is one of the core businesses of the firm and is growing in size. Barclays Global Investors currently manages more than US$157 billion in cash globally. In San Francisco we manage around US$113 billion in pooled funds, much of which is cash collateral that is raised from our securities lending programme².

In London, we manage around US$43 billion for over 1,500 clients in a mix of pooled and segregated funds in GBP, USD and EUR, with a client base, comprising principally corporate treasuries, pension funds and other major institutions².

Pooled Funds

Barclays Global Investors believes pooled funds are the most efficient and sophisticated way to manage cash. Pooled vehicles allow for a wide diversification of issuer names and asset types, within predetermined credit and liquidity limits. They also allow for the preservation of liquidity while offering the opportunity to benefit from some longer duration assets. We offer a range of pooled cash funds in GBP, USD and EUR and have a good track record of providing consistent returns within a risk controlled investment process³.

1 Source BGI. As at 30 June 2005
2 Source BGI. As at 31 July 2005
3 BGI’s Liquidity Funds have closely tracked their respective benchmarks over the past four years.

Regulatory Disclosure:

Issued and approved by Barclays Global Investors Limited, authorised and regulated by the Financial Services Authority. This publication is intended for Institutional Investors only. The Barclays Global Investors Liquidity Funds (the "Funds") are not regulated by the Financial Services Authority but are authorised by the Irish Financial Regulatory Services Authority. The Funds are registered for distribution in the United Kingdom as described in the relevant prospectus. They may not be registered or authorised in certain jurisdictions and therefore may not be available for certain investors. This document is not intended to promote or offer any fund in any jurisdiction in which an offer, solicitation, purchase or sale of such fund would be unlawful under the securities laws of such jurisdiction. No part of this document may be reproduced in any manner without the prior written permission of Barclays Global Investors Limited.

Risk warnings:

The price of investments (which may trade in limited markets) may go down as well as up and the investor may not get back the amount invested. Your income is not fixed and may fluctuate. Past performance may not be repeated and is no guide to future returns. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change. Investment in corporate bonds brings an increased risk of default on repayment which may affect the capital value of the Fund. Any investment in this Fund is made subject to the terms of the Fund Prospectus, which is available from the Manager or the Investment Manager at Murray House, 1 Royal Mint Court, London EC4N 4HH. Investors may be required to agree to the Manager’s Terms of Business. © Barclays Global Investors Limited September 2004. All rights reserved.