The IPRIME Board of Trustees is committed to providing a financial instrument that will appeal to Municipal Treasurers by providing the highest level of security and return on investment
NAPERVILLE, Ill. (PRWEB) February 06, 2019
PMA Financial Network, PMA Securities and Prudent Man Advisors (“PMA”) is pleased to announce and introduce the Illinois Public Reserves Investment Management Trust (“IPRIME”). IPRIME is the new investment pool for Municipal Treasurers acting on behalf of counties, townships, cities, towns, villages, libraries, park districts, water supply districts, fire protection districts, sanitary districts, housing authorities and other municipal subdivisions of the State of Illinois. “At PMA, we are excited to expand our LGIP services in Illinois and believe that IPRIME will provide significant value to PMA’s municipal clients throughout the state," said Jim Davis, CEO. “PMA is known for its commitment to serving local governments. Our performance is built around the safety, liquidity and yield that public sector officials depend on and expect, and we look forward to bringing these values to IPRIME and its Participants.”
IPRIME’s Investment Shares Series is rated AAAm by Standard & Poor’s and comprised of money market instruments having a maximum remaining maturity of one year (except U.S. government obligations that may have remaining maturities of up to two years). The primary objectives of the Investment Shares Series are to offer the highest possible investment yield, protect principal and preserve liquidity. In addition, the fund offers access to PMA Financial Network’s Fixed Income and Deposit Programs. “The IPRIME Board of Trustees is committed to providing a financial instrument that will appeal to Municipal Treasurers by providing the highest level of security and return on investment,” said Phillip DeRuntz, IPRIME Chairman.
PMA has earned a well-deserved reputation among municipal entities in Illinois and will serve as IPRIME’s Administrator (PMA Financial Network), Investment Advisor (Prudent Man Advisors) and Distributor (PMA Securities). The PMA companies have been leaders in providing financial services to public entities since 1984 and currently serve over 2,500 local governments in 11 states, working with over $25.4 billion total investment assets under administration*. PMA is a service provider in various capacities to now 12 local government investment pools similar to IPRIME. The company has built a reputation as a reliable, professional financial organization. IPRIME Participants will benefit by being able to take advantage of the products and services offered to its public sector clients. PMA has extensive experience both in and with public entities, including the team serving IPRIME.
*As of December 31, 2018. Total assets under administration include both money market pool assets for which the PMA companies serve as fund administrator/accountant, marketer/distributor, fixed income program provider (brokerage services), and/or investment advisory, or separate institutional accounts.
The Illinois Public Reserves Investment Management Trust (“IPRIME”) is an investment pool for Municipal Treasurers acting on behalf of counties, townships, cities, towns, villages, libraries, park districts, water supply districts, fire protection districts, sanitary districts, housing authorities and other municipal subdivisions of the State of Illinois. IPRIME’s Investment Shares Series offers a competitive yield, requires no minimum balance, and allows unlimited withdrawals. The portfolio is rated AAAm by Standard & Poor’s and meets the requirements of GASB 79 in order to enable it to value its investments at amortized cost and allow Participants to report the shares at the $1 NAV. The Investment Shares Series is designed to meet Participant’s daily liquidity needs. With the experience and expertise of PMA, the Investment Shares Series grants investors access to a powerful investment management team that functions with a high standard of vision, synergy, and quality.
About The PMA Companies
PMA Financial Network, PMA Securities and Prudent Man Advisors (the PMA companies) are under common ownership. Prudent Man Advisors, an SEC registered investment adviser, provides investment advisory services to local government investment pools and separate accounts. Securities, public finance services and institutional brokerage services are offered through PMA Securities. PMA Securities is a broker-dealer and municipal advisor registered with the SEC and MSRB, and is a member of FINRA and SIPC. All other products and services are provided by PMA Financial Network.
With services ranging from investment advisory work with Prudent Man Advisors to public finance work with PMA Securities, among others, the PMA companies are focused on achieving long-term financial success for their clients. With billions of dollars invested annually, the PMA companies provide over 2,500 public entities with a diverse lineup of customized financial solutions through a team of experienced professionals and innovative technology. PMA has built a record of success stories by meeting the needs of public entities. Additional information is available at http://www.pmanetwork.com.