Market Volatility Poised to Trigger a "Dash for Cash;" Three Short-Term Funds from Payden & Rygel Offer Stability, Liquidity, Competitive Rates

London, July 3, 2007 – 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 $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 $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 $50 billion in assets under management. Headquartered in Los Angeles, the firm has offices in London, Dublin, Frankfurt, and Hong Kong.