As institutional investors allow their cash balances to build in the current market volatility, Grove Research and Advisory has launched an online term deposit research and transaction service.

Called ‘Term Deposit Shop’, the service allows investors to compare daily rates for a range of deposits, as well as to invest. Simon Ibbetson, Grove managing director, said: “;Term deposits have become an important part of investors’ liquidity management requirements following the global turmoil in the credit markets.”; The initial banks to be involved in the service are Citi, BankWest, Investec and Rabobank. Five others are expected to be added to the list by the end of the month. Brett Westbrook, a Grove director, said the firm sought to provide a spread of global, regional and domestic banks for rate comparisons. He said no one bank stood out for rates across the range of terms. An extract is available for viewing on www.termdepositshop.com. Rates will also be published on Grove’s free-to-air site: www.groveonline.com.au. Grove, a boutique consulting firm established in 1991, has long specialised in fixed interest investment advice and products for local government bodies. In recent years it has diversified its client base, now speaking for about 100 clients. The firm has about $5 billion under advice or administration. Grove is owned by a group of private investors and Western Financial Services.