Vanguard currently manages around £240 billion ($297 billion) in money market strategies for global investors. Its head of product for Europe, Matthew Piro, said the fund is designed to focus on short-dated high-quality investments that provide capital stability, high credit quality, liquidity, and that minimise risk. "This can, potentially, make it a good place to invest cash with short-term requirements; whether that’s managing income, purchasing a car, or paying out a deposit," he said.