Media – Whitepapers
May 17, 2017
Abstract Counterparty risk management should have an integrated framework. While utilizing a separately managed account may help reduce a corporation’s concentration risk in a money market fund, it may also be an important tool to reduce enterprise level counterparty risk. A portfolio of securities not correlated with the firm’s largest
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May 2, 2017
Executive Summary This paper provides an update, in broad terms, on the state of the debt financing markets. Capital Advisors Group works with companies across industries that are early stage or, for other reasons, may not qualify for large commercial bank debt financing facilities. In this semi-annual review of the
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April 11, 2017
Abstract Treasury organizations maintain deposit relationships despite uninsured credit risk and lost yield opportunity. Earnings credit rates may become less competitive than market-based rates. Including separate accounts in the mix helps address both credit and yield objectives in institutional liquidity management. Introduction The search for liquidity management solutions reached a
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March 14, 2017
Executive Summary Important regulatory changes to institutional prime money market funds are forcing new ideas and new interest in prime fund alternatives. With the SEC Form PF aggregate data, we reconstructed a profile of unregistered private liquidity funds promising investors stable $1.00 NAVs without liquidity gates. We discuss the drawbacks
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February 13, 2017
Abstract Recent events serve as a prelude to what is to come from the new administration. Active cash portfolio management with a separate account solution helps manage policy uncertainty, market volatility, headline and geopolitical risk. Fiscal and monetary policies, international relations and political conflicts may bring more uncertainty in 2017
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January 18, 2017
Few years in recent memory rivaled the events of 2016. The Brexit vote and Trump’s win confounded pundits and prognosticators. Multiple terror attacks and a migrant crisis roiled a fractured European Union, and the United States was rocked by ongoing racial tensions and acts of home-grown terrorism. But, in spite
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January 6, 2017
Abstract We select Trumponomics, the debt ceiling rollercoaster and geopolitics as three main themes to watch in 2017. Federal stimulus may in fact be underwhelming and a stronger dollar and trade wars may further erode the effect of increased government spending. The immense size of government money market funds ($2.2
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December 13, 2016
Abstract Policy, geopolitical, and idiosyncratic risks are real under the new administration. It is too soon to tell if the next four years will be friendly to cash investors. The economic drag from trade barriers and immigration control may offset some benefits from a federal stimulus and a pro-business Republican
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November 1, 2016
Abstract Important regulatory changes to institutional prime money market funds are forcing institutional cash managers to look elsewhere. While ultra-short bond funds hold promises, they exhibit many of the same drawbacks of commingled vehicles. A well-researched and well-structured separately managed account may overcome these drawbacks while delivering comparable or better
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October 5, 2016
Abstract An Industry at an Inflection Point - Outflows from prime funds have been more severe than forecast. Fewer funds and fewer fund companies are left in the prime space. While stable NAV government funds will likely continue to flourish, the appeal of prime funds has diminished. Diminished Yield Potential
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