Media – Whitepapers
December 1, 2010
Introduction As 2010 draws to a close, we cannot help but take note of the sea change in how corporate treasurers are managing their cash portfolios since the capitulation of the financial markets in September 2008. If we characterize 2008 as the year of “shellshock” and 2009 as one of
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July 1, 2010
Abstract A common misconception of risk diversification may be that additional credits automatically result in a safer portfolio. Today however, one of the primary challenges in developing a successful diversification strategy for short duration investors is a smaller pool of eligible investments. A mad dash into European financial debt, certain
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June 1, 2010
Abstract Credit concerns have once again taken center stage as the treasury community closely monitors its cash investments. These fresh concerns are relevant to U.S. cash and short-duration investors because prime money market funds are major investors in European financial debt. Approximately two-thirds of commercial paper and one half of
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January 4, 2010
Investment Considerations We think there may be a shorter than expected timetable for Fed rate hikes and that it may be prudent to keep a portfolio of shorter maturity bonds and floating rate securities. This strategy also applies to money market funds with shorter weighted average maturities (WAMs). We believe
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November 1, 2009
Executive Summary This update to our original whitepaper published in April 2006 seeks to answer two questions: 1) Are prime funds getting safer? 2) Are all prime funds alike? The general risk profile of the large prime fund group has improved since our last publication. The average fund now has
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October 1, 2009
The month of September was one that brought several important shifts to the economic and credit landscape and it’s no coincidence that it marked the one-year anniversary of a near global financial meltdown that was averted by unprecedented government support. Analyzing side-by-side Federal Open Market Committee statements from August 12th
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September 30, 2009
Executive Summary We set out to answer 10 of the most common questions related to investment policy statement writing for cash portfolios. In doing so, we will provide a number of peer group data comparisons to further add helpful insight in the process. The questions address the following investment subjects:
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July 1, 2009
On June 24, 2009, the Securities and Exchange Commission (SEC) announced the long-anticipated proposed amendments to the 2a-7 rule that regulates money market mutual funds. The proposed changes were prompted by the extraordinary events in the money fund industry that took place after the Reserve Primary Fund’s net asset value
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February 2, 2009
Executive Summary As risk averse cash investors slowly move away from an aggressively conservative strategy, we take a look at two developing trends that investors may be considering and some potential pitfalls. Emerging Trends: Bank Deposit Accounts Prime Money Market Funds We think that the credit market has probably exited
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December 1, 2008
Executive Summary The concurrent use of commingled and separate accounts may help in optimizing corporate cash management. Among corporations, separate account management has a limited following - about 20% in separate account management vs. 76% in money funds and 22% in other funds. Six Advantages of Separately Managed Accounts: Tailored
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