FIDELITY'S money market funds have been given a Triple A rating by Moody's Investors Services. It is the first money fund to gain the Aaa rating, the highest possible from Moody's, which assesses financial institutions and instruments according to their conservatism and strength of management. ''This means our money funds are just about the safest form of investment available in Hongkong,'' said Mr Richard Wastcoat, Fidelity Investment Management's regional director of retail marketing. He added that money funds were arguably safer than bank deposits as they were spread across a number of banks which reduced the risk from a single bank collapse. Money market funds are an alternative to a bank deposit account in a number of currencies. They usually provide a higher rate of interest but under Hongkong rules a $50,000 minimum deposit is required. The Moody's rating does not address the currency risk on converting back to the depositor's home currency. Meanwhile, Fidelity has sold its Australian retail operations to Perpetual Trustee at an undisclosed price. The company will continue to manage its international fund portfolios on behalf of Perpetual. GT Management was yesterday tight-lipped about British reports that it is up for sale. GT's London-based chairman Mr David Fitzwilliam-Lay did not respond to questions on whether the fund management firm had held talks with United States insurance group Liberty Mutual. Reports of Liberty Mutual's interest surfaced in Peter Gartland's Offshore Alert newsletter which says that the firm's owner, Bank of Liechenstein, is keen to make a profit on its GBP92 million (about HK$1 billion) investment. GT Management (Asia) is one of Hongkong's best-known fund managers, having made a name for itself in the emerging markets of the Far East and Latin America. Its managing director, Mr Philip Gray, was not available for comment.