Media – Whitepapers
July 1, 2013
Each January our newsletter focuses on the likely challenges that cash investors will face in the coming year. Given how much has transpired in the treasurer’s world since the beginning of 2013, we thought that an update on the issues facing cash investors would be helpful. On June 5th the
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June 3, 2013
Abstract Experience has taught us that even seemingly strong counterparties can fail without warning. Counterparty risk management has become more challenging in recent decades due to concentrated exposures, complex financial instruments and deteriorating bank credit. Corporations should manage risk proactively, have an integrated risk policy across business lines, diversify risk
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May 1, 2013
Identifying credit trends and translating these trends into risk management practices, whether in the management of a buy list or in the management of counterparty risk, is a key function within treasury departments. The negative trends in bank ratings we discussed more than a year ago, “Bank Ratings Headed for
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April 1, 2013
Abstract In this paper, we discuss the concept and benefits of constant risk aversion in cash portfolio construction. The process may help treasurers understand, gauge and rationalize investment decisions to achieve consistent risk characteristics and to avoid the whiplash that can result from drastic pendulum swings between high-risk and no-risk.
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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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