10 min readExecutive Summary Effective liquidity management, especially for large cash portfolios with a range of investments, can quickly turn into a larger and more complex task than initially expected. Some financial executives may not have a firm grasp of what liquidity means in a portfolio of individual cash assets. But adhering to some simple guidelines and…
2 min readInsight and Perspective on the economy and your cash portfolio After continuous increases in interest rates by the Federal Reserve (“the Fed”) since March 2022, it seems to some that we may be reaching a point of inflection in which the Fed may hike rates once more before taking a pause. Watch our latest Quarterly…
5 min readFollowing the collapse of Silicon Valley Bank, Signature Bank, and the sale of First Republic, there’s been an increasing interest by regulators to reform the US deposit insurance scheme to fully protect the banking system from future bank runs. The Perfect Storm for Bank Runs Panic among deposit holders lit the initial spark that led…
15 min readOnce again, it’s time for CFOs and corporate cash investors to start focusing on another debt ceiling showdown in the United States Congress. On May 1st, 2023, Treasury Secretary Janet Yellen updated Congressional leaders that the United States would not be able to pay all its bills by June 1st, 2023.1 Secretary Yellen had previously…
4 min readWhy a separately managed account may be right for you and your cash investment needs. What is an Separately Managed Account? A Separately Managed Account (SMA) is a portfolio of assets that offers customization in investment strategy, approach, and management style. The customization of SMAs allows investors to build a portfolio of securities that is…
7 min readRevisiting Big Tech’s Legal and Regulatory Challenges Through an era of unprecedented volatility, driven by a pandemic, war, and bank failures, Big Tech legislation has remained a constant. Almost two years ago, we published our blog Antitrust Anxiety: The Long Road to Big Tech Reform that explored lawsuits against Big Tech, pending legislation, and some…
2 min readIntroduction The single biggest credit risk for institutional cash investors lies in the large uninsured deposits they leave at their operating banks. Particularly at risk are uninsured balances at banks with less diversified business profiles and aggressive risk cultures that expose depositors to the risk of a bank run, which is difficult to predict and…
6 min readHow the availability of ESG data is changing the way investors can apply ESG to their decision-making process Much of the commentary surrounding ESG investing hails it as an approach which has largely been developed and risen to prominence in recent years. While its rapid rise in popularity since the COVID pandemic has led to…
5 min readHow China’s reopening may have implications on the global economy and credit markets The last domino is falling. Nearly three years ago, the world shut down in response to the COVID-19 outbreak, causing a massive slowdown in consumer spending and major disruptions to supply chains. Since then, as people have logged off Zoom and emerged…
11 min readIntroduction By Lance Pan, CFA Since we started publishing the annual “themes to watch” series in 2008, this edition marks our 16th anniversary of looking at key market-moving trends for institutional cash investors. To shake off our Covid-induced autophobia (fear of being alone), I enlisted members of my credit research team to co-author last year’s…