LONDON, July 3 /PRNewswire/ --

Payden & Rygel Global Ltd. today announced the launch of three liquidity
funds based on three of the world's leading currencies. These funds offer
investors attractive yields in excess of deposit or money market rates along
with capital stability and liquidity. The funds are:

Sterling Liquidity -- Enhanced Cash

Euro Liquidity -- Enhanced Cash

US Dollar Liquidity -- Enhanced Cash

Payden & Rygel is responding to demand from clients, and anticipating a
broader trend among institutions, with a number of investors polarizing their
asset allocation between highly liquid and secure cash like investments at
one end of the spectrum, and renewed interest and allocations to private
equity, hedge funds and other alternative assets at the other. In some cases,
the cash holdings are expected to be pledged as security or collateral for
these investments.

"There is a significant trend emerging among institutions which want to
increase their financial flexibility by building liquidity as a strategic
asset class, while maintaining their maximum risk allocation by using cash as
collateral to secure investments in other asset classes," commented Robin
Creswell, Managing Principal of Payden & Rygel.

Payden & Rygel has offered short duration strategies to investors for
more than 20 years and has more than US$25 billion under management in these
strategies in segregated accounts and funds.

"These three funds build on our historic leadership in global liquidity
and short-term fixed income management," said Creswell. "Through the funds,
we expect to provide investors with a low risk alternative to traditional
stock and bond investments -- and a higher returning alternative to money
market funds or bank deposit accounts."

The new funds invest in a broad spectrum of short-term fixed income
assets, including commercial paper, certificates of deposit, corporate
floating rate notes, asset-backed floating rate notes, short-dated and fixed
corporate notes, and fixed deposits. They will be diversified across many
different issuers to minimize single credit risk.

Payden & Rygel's enhanced cash management philosophy emphasizes short
maturities, broad diversification and active management to generate
incremental returns with no major increase in risk or volatility over
traditional money market products and maintain an average credit rating of
AA/AAA. The firm's short-term investment strategy has significantly
outperformed alternative investments since its inception almost 25 years ago.

For more information about the new funds, please contact Robin Creswell
in London at +44-20-7621-3000.

About Payden & Rygel

Payden & Rygel Global Ltd., was established in London in 1999, manages
more than US$12 billion in a broad array of strategies in the equity and
fixed income markets. The firm has experienced strong growth, serving
institutional clients in the UK, Continental Europe and the Middle East. The
firm's exclusive institutional client base includes banks, supranationals,
government institutions, pension funds, insurers, foundations and public
funds.

The firm is a wholly-owned subsidiary of Payden & Rygel (payden.com), one
of the largest privately-owned global investment managers with more than
US$50 billion in assets under management. Headquartered in Los Angeles,
the firm has offices in London, Dublin, Frankfurt, and Hong Kong.

Web site: http://www.payden.com