Media – Whitepapers
March 1, 2013
Abstract Global banking authorities’ moves to resolve systemically important financial institutions (SIFIs) may result in first losses being borne by bank creditors in the event of a failure. Under the new resolution authority, size no longer may be an indication of safety for bank credit. Instead, one should look to
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January 2, 2013
Abstract We have identified the acceleration of money market fund reform, the scarcity of eligible investments and the threat of negative yield as three challenges facing corporate treasury professionals in 2013. Our recommendation remains the same as found in previous research – consider a separately managed account as a defensive
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October 1, 2012
Executive Summary The use of separate accounts to complement money market funds (MMFs) may help optimize risk and reward trade-offs in corporate cash management. The investments of time and research in establishing a separate account relationship may bring just rewards in times of uncertainty. Separate Account Simulator™ Results: A 50/50
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June 1, 2012
Abstract We set out to answer 10 of the most common questions related to writing investment policy statements (“IPS”) for cash portfolios. In doing so, we will provide a number of peer group data comparisons to add insight into the process. The treasury investment management landscape has undergone significant changes.
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May 1, 2012
Executive Summary The complementary use of commingled and separate accounts may help in optimizing corporate cash management. The percentage of corporate investors considering money market funds as permissible investments has been declining since 2009, while the permissible use of separately managed accounts has been climbing. Six Advantages of Separately Managed
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May 1, 2012
Results from the Capital Advisors Group/Strategic Treasurer 2012 Liquidity Risk Survey, to be released later this month, portend the shifting regulatory environment will significantly impact investment vehicle preferences for corporate cash managers. The survey results remind us that changing regulations can be a major catalyst in modifying investor behavior. After
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April 2, 2012
Abstract We propose a variable Net Asset Value (NAV) approach based on a dual-NAV structure to preserve the transactional utility of money market funds. This approach would require funds to publish daily intrinsic NAVs up to the 4th decimal place, and would allow shares to be traded at rounded NAVs
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January 1, 2012
Introduction One short year ago, we discussed three key trends for 2011: low interest rates, a spreading sovereign debt crisis and persistent financial regulation. And we started our 2011 commentary with the phrase, “meet the New Year, same as the old.” Have we caught you in a moment of déjà
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November 1, 2011
Abstract For four decades, many corporate treasurers successfully employed a hands-off approach to managing the money market funds in their portfolios. However, recent market events revealed the danger in this approach. Like other investments, money market funds must be evaluated to determine how they fit into a firm’s overall risk
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November 1, 2011
Best practices for corporate cash risk management have evolved rapidly over the years. The pace of this evolution accelerated significantly since the credit crisis, where both investment and counterparty risk management took center stage. Treasurers wanted to know specifically what their exposures were. They sought detailed credit assessments of the
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