FOR IMMEDIATE RELEASE
IPRIME Achieves Significant Milestone
Naperville, Ill. – August 31, 2020 –The Illinois Public Reserves Investment Management Trust (IPRIME), along with PMA, a premier full-service provider of comprehensive financial and investment advisory services to local government pools and municipalities, is pleased to announce that, as of August 3rd, 2020, the Fund has reached $1 billion in asset balances.
“This milestone speaks to the high degree of customer service provided to IPRIME Participants by PMA’s employees, and we look forward to continued growth of IPRIME relationships and the asset growth that benefits all of the Fund’s Participants,” said Jim Davis, CEO.
“With the guidance and oversight of the IPRIME Board of Trustees, our services continually evolve to best meet the needs of Illinois municipalities,” said Courtney Soesbe, Vice President, Senior Relationship Manager. “We are proud of the work our team is doing and are incredibly grateful to our clients for their confidence in us.”
IPRIME is a AAAm rated local government investment pool and provides a complete line of value added financial services designed exclusively for Illinois municipalities. IPRIME, along with PMA, appreciate the support from its current members and is fully committed to servicing all of their clients in the Illinois public funds market.
PMA’s Investment Service Programs have been a critical element in the growth of the IPRIME fund. PMA offers its investment clients a competitive Fixed Rate Investment Program that includes its unique bidding services, brokerage services and certificate of deposit program. In addition, PMA Financial Network’s Cash Flow Management Program and PMA Securities’ Bond Proceeds Management Program are designed to maximize portfolio earnings by evaluating cash needs and developing an investment plan for the local government entity.
Please visit the IPRIME website to learn more.
About IPRIME
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, LLC, PMA Securities, LLC and PMA Asset Management, LLC (“the PMA companies” or “PMA”) are under common ownership. The PMA companies serve over 3,200 municipalities, school districts, local government investment pools, insurance companies and other institutions across 14 states by providing investment, financial management and fund administration services. The PMA companies provide a comprehensive array of discretionary and non-discretionary investment advice to our clients through pooled, separate accounts and self-directed investment solutions, in addition to public finance services. As of June 30, 2020, the PMA companies had over $28 billion in assets under administration. 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 account management.
For more information, go to www.pmanetwork.com.
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Media Contacts:
Matt Orseske
630-657-6408
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