GLOBAL NETWORK CORPORATE CASH INVESTMENT STUDY 2013

Size: px
Start display at page:

Download "GLOBAL NETWORK CORPORATE CASH INVESTMENT STUDY 2013"

Transcription

1 GLOBAL NETWORK CORPORATE CASH INVESTMENT STUDY 2013

2 CONTENTS 1 Introduction 2 Executive summary 4 Respondent profile 5 Treasury centralization 6 Approach to cash investment 6 Surplus cash balances 7 Cash Investment Challenges 8 Cash investment strategy 9 Asset allocation 10 Use of MMFs 11 Effect of regulatory reform 12 Transaction execution 13 Conclusion

3 Introduction SunGard recently commissioned a study among corporate treasury professionals to understand corporate attitudes to cash investment, including strategic cash holdings, asset allocation, investment policies and transaction execution. This follows similar studies conducted in 2011 and 2012, enabling us to identify trends and developments over time. The study attracted responses from 161 corporations globally. This included respondents from all regions and industries, with 49 percent of companies headquartered in North America and a significant number of responses from Europe. Most of these had a centralized approach to treasury management, with 91 percent of respondent organizations having either a single global treasury center or regional treasury centers. 1

4 Executive summary CENTRALIZATION 41 % 41% of respondents had increased the degree of centralization in their cash and treasury management activities. This is comparable with the 2012 study, illustrating that centralization remains a key priority for many companies. This is further supported by the fact that since last year s study, the proportion of companies with a decentralized treasury approach has remained at 3 percent. In tandem, however, a few larger multinationals are decentralizing certain aspects of cash and treasury management to in-country finance functions under central oversight in order to take advantage of local expertise and potentially attractive borrowing conditions. SURPLUS CASH 43% of companies increased the amount of surplus cash over the past 12 months, more than a third of which had seen a significant increase, which is again comparable to This is often due to an increase in cash generation and working capital improvements. This cash is held for working capital financing and for strategic investment such as mergers and acquisitions. Marginally fewer companies (4 percent) are holding cash as a buffer against future liquidity constraints than in 2012 and in anticipation of improved opportunities for investment in the future. 22 percent of the respondents reduced cash balances, typically as a result of mergers and acquisitions, capital investment, paying down debt or returning cash to shareholders. 43 % CASH INVESTMENT CHALLENGES 3 YRS The past three years has seen major changes of emphasis among treasurers. In 2011, the need to enhance processes such as cash flow forecasting and liquidity management dominated the treasurers s agenda, while market and regulatory issues such as the Eurozone crisis and the expiration of the FDIC insured deposit scheme emerged as priorities in This year, treasurers are challenged to unlock trapped cash in regulated markets and to find suitable repositories for large cash balances. 2 Corporate cash investment study 2013

5 ASSET ALLOCATION While only 40 percent of companies use money market funds (MMFs) (typically constant net asset value (NAV), AAA-rated short-term MMFs in Europe and Asia, or 2a7 funds in the US), these companies hold an average of 50 percent of their cash in these funds. 40 % This represents an increase of more than 11 percent from With the expiration of the FDIC insured deposit scheme at the end of 2012, treasurers will need to find new repositories of cash. MMFs are likely to prove an important alternative for corporate investors. CASH INVESTMENT STRATEGY 46 % Treasurers remain highly conservative in their investment strategy, in fact even more so compared with twelve months ago. Nearly half (46 percent) insist on immediate access to all cash, an increase of 4 percent from last year s study. With continuing low yields, it is understandable that treasurers are not yet prioritizing yield alongside security or liquidity but it will be interesting to see how investment priorities and behavior evolve should interest rates start to rise. INVESTMENT EXECUTION Only 30 percent of short-term investments are now conducted via telephone, a substantial fall from the 2012 study (51 percent). Furthermore, there is now a general preference for independent portals compared with banks proprietary portals, which again marks a shift from As predicted in last year s study, companies are increasingly recognizing the advantages both of electronic trading for both control and efficiency purposes, and of independent price discovery and execution with multiple counterparties through a single channel. The area that has not yet been fully exploited is the ability to integrate portals with treasury management technology for straightthrough processing. 30 % 3

6 Respondent profile 161 respondents participated in the Corporate Cash Investment Study between August and September Respondents had the following profile: Company Size. Almost 70 percent of companies that participated in the study had a turnover exceeding $1 billion, nearly half of which exceeded $5 billion. Industries. Most major industry groups were represented in the study, of which the largest groups were government (13 percent) and financial services (12 percent). Headquarters. Companies that participated in the study were headquartered in every major region with the exception of Latin America. 49 percent of responding companies were headquartered in North America, and 29 percent in Europe. Treasury Centers. Participants responded on behalf of treasury centers located mostly in North America (47 percent), Europe (32 percent), Middle East and North Africa (6 percent) and Asia (5 percent) and Africa. and Central, Eastern and Southern Europe (10 percent). In the majority of cases (60 percent), these were global treasury centers, while 31 percent of companies operated a regional treasury organization. 4 Corporate cash investment study 2013

7 Treasury centralization The majority of companies involved in this study had already centralized their treasury at a global or regional level. Of those companies, 60 percent represented a single, global treasury center, and 31 percent of companies are adopting a regional treasury approach. This data would appear to reflect a higher proportion of global treasury centers than would normally be expected; however, this may be explained by the fact that a large proportion of companies included in the study were headquartered in the United States, some of which have predominantly domestic cash and treasury management requirements. In addition, although individual respondents may represent a global treasury center, this is not to say that the company does not also have regional treasury centers. Forty one percent of respondents had increased the level of cash and treasury centralization over the past 12 months (figure 1), a similar proportion to last year. More than half (56 percent) of companies had not changed the degree of centralization in their treasury organization. These statistics illustrate that centralization remains a priority for many companies. This is supported by the fact that the proportion of decentralized organizations has remained at about 3 percent since the 2012 study. Three percent of companies devolved some of their treasury activities, similar to both the 2011 and 2012 studies. While this reflects only a minority of companies, certain companies, particularly very large multinationals, are decentralizing certain aspects of cash and treasury management to in-country finance functions. These local operations typically take responsibility for managing highly volatile currencies, dealing with local payments and collections, and/or leveraging local financing or investment opportunities that may be more favorable than those available centrally. In these cases, companies still maintain a highly centralized approach to policy, procedure and technology infrastructure, but seek to benefit from close proximity to key markets and in-depth market knowledge. Figure 1. Changes to centralization 55.63% No change 41.25% Become more centralized 3.13% Become less centralized 5

8 Approach to cash investment Surplus cash balances Companies hold cash balances for a variety of reasons. In the short-term, cash is required for working capital financing (noted by 35 percent of respondents, an increase of 6 percent on the 2012 study, emphasizing the growing importance of working capital management). A large proportion (27 percent) also hold cash to finance capital investment or mergers and acquisitions, in addition to paying down debt and paying dividends to shareholders. In addition, 13 percent of companies noted that they held surplus cash as a buffer against dips in revenue in the future, a fall of 4 percent on the 2012 study, potentially as a result of a slight increase of confidence in economic recovery. Figure 2 demonstrates that 35 percent of the companies had not experienced any material change to their cash balances over the past 12 months. 43 percent of companies increased the amount of surplus cash held, more than a third of which had seen a significant increase. The key reasons given for this increase include: Increase in revenues/cash generation Buffer against future liquidity constraints Working capital improvements Waiting for improved opportunities for investment In addition, cost reductions (including interest costs), release of trapped cash, delays in capital expenditure, or mergers and acquisitions and divestments were also factors given. This is consistent with trends witnessed in recent years where companies are accumulating growing cash buffers for capital investment, mergers and acquisitions, or as protection against periods of lower revenues in the future. In 2012, 37 percent of companies increased the amount of surplus cash, a third of which had seen a significant increase. 22 percent of the respondents reduced cash balances, typically as a result of mergers and acquisitions, capital investment, paying down debt or returning cash to shareholders. Figure 2. Changes to surplus cash balances Decreased by more than 66% Decreased by 33-66% Decreased by 0-33% No material change Increased by more than 66% Increased by 33-66% Increased by 0-33% Corporate cash investment study 2013

9 Cash Investment Challenges In 2011, SunGard highlighted that corporate treasurers greatest investment challenges were mostly process driven. For example, 42 percent of respondents in 2011 noted the need to enhance cash flow forecasting to facilitate better cash investment decisions. In 2012, market issues emerged as a stronger priority. Respondents expressed particular concern about the Eurozone crisis and the need to manage counterparty risk more effectively, particularly bearing in mind that limits with highly rated banks may be fully utilized. Regulatory changes such as Basel III and changes to money market fund (MMF) legislation 1 were also creating considerable uncertainty in treasurers cash investment approach. An immediate issue for corporate investors was the expiration of the Federal Deposit Insurance Corporation (FDIC) guaranteed non-interest bearing account scheme on December 31, 2012 and the need to find alternative repositories for cash. In 2013, this concern seems to have been borne out as the most considerable challenge for treasurers is finding suitable investment instruments, indicated by 94 (58 percent) of respondents. Unlocking trapped cash held in regulated markets such as China (47 percent) is also a major consideration. While external issues, such as uncertainty in the Eurozone and regulatory concerns remain important, these have become less immediate than in Figure 3. Cash investment challenges 1st most significant 2nd most significant 3rd most significant Lack of automation Changes due to regulatory reform Availability of suitable investment instruments Concern over risks in Eurozone Trapped cash in some markets Lack of global cash visibility Insufficient credit limits available with highly rated banks Number of respondents 1 Requirements published in 2012 by Institutional Money Market Funds Association (IMMFA) and European Securities and Markets Authority (ESMA) in Europe, and the U.S. Securities and Exchange Commission (SEC) in the United States differentiates between MMFs and short-term MMFs. While MMFs must have a variable NAV, short-term MMFs may have a constant or variable NAV, with the implication that variable NAV funds will become more important in the future. In most cases, companies still use MMFs as a generic term, including both types of fund. In this report, MMFs is therefore used to refer to short-term MMFs and MMFs collectively, unless otherwise indicated. 7

10 Cash investment strategy As figure 4 illustrates, although we saw a greater desire for increased yield in 2012 compared with 2011, the past 12 months has witnessed a renewed conservatism in corporations investment approach. While finding new repositories for cash balances is important, treasurers are not prepared to sacrifice security or liquidity of cash for an increased yield. Nearly half (46 percent) insist on immediate access to all cash, an increase on 4 percent from last year. Continued low interest rates makes the hunt for yield very difficult, however, without sacrificing principal protection, which treasurers are not prepared or mandated to do. With the potential for rising interest rates going forward although unlikely in the short to medium term, it will be interesting to see whether treasurers investment approaches shift towards achieving higher yield by compromising on liquidity for some of their cash. Figure 4. Changes to cash investment strategies Preservation of capital, immedate access to all cash Preservation of capital, immediate access to some cash, higher yield on strategic cash Preservation of capital and liquidity as required, optimize yield Corporate cash investment study 2013

11 Asset allocation As figure 5 shows, the most popular investment instruments are bank deposits used by 74 percent of respondents, with an average of 57 percent of cash held in deposits, the same result as Since 2012, the proportion of companies holding cash in short-term MMFs (typically constant net asset value (NAV), AAA-rated MMFs) has risen from 40 percent to 52 percent. The average proportion of a company s cash held in these funds has reduced from 50 percent to 44 percent however. These results illustrate a steady increase in the number of corporations using constant NAV MMFs for investment purposes; 11 percent between and a further 12 percent between There are a number of likely reasons for this: Greater familiarity with MMFs Continued confidence in the instrument, potentially strengthened by regulatory reform Continued constraint in the range of investment instruments available, as discussed earlier With a growing number of companies investing in MMFs with a constant NAV, it is no surprise that the average proportion of funds held in these instruments has reduced, as newer entrants to the market are likely to hold smaller amounts in MMFs until they have become more familiar with them. In 2012, 9 percent of companies surveyed invested in MMFs with a variable NAV. This figure remained steady in 2013, but corporate investors increased the proportion of cash held in these instruments from 36 percent to 44 percent. This illustrates that while a smaller corporate investor base are comfortable with the slightly less restrictive investment conditions of MMFs compared with constant NAV MMFs, those that choose to do so have a high level of satisfaction in the quality, flexibility and yield that MMFs with a variable NAV offer. Participants were then asked whether these instruments would be more or less important in the next 12 months. In most cases, instruments that treasurers currently use will remain at a similar level of importance in the future. Treasurers expressed a moderate interest in exploring a wider range of investment options, with an average of 18 percent expressing greater interest in each of the instruments listed in figure 5. Figure 5. Asset allocation % allocation % using instrument Separately Managed Accounts Short-term Bond Funds Tri-party Repos Treasury bill/notes (government debt) Money Market Funds (MMFs) variable NAV Money Market Funds (MMFs) constant NAV Floating rate/ variable rate notes Fixed rate Bonds Deposits Commercial Paper Certificates of Deposit

12 Constant NAV MMFs were of particular note, with 25 percent of respondents indicating that these would become more important over the next 12 months. The prospect of increasing interest rates was a particular factor in the increasing priority of a wider range of investment instruments, in addition to the point that many treasurers are challenged to find new repositories for large cash balances discussed earlier. Respondents were less inclined to think that most investment instruments would decline in importance. Of most specific note, 19 percent commented that variable NAV MMFs would become less important for them, and the same proportion noted that deposits would become less important. In the former case, ongoing regulatory uncertainty is likely to be causing concern, but this is a mixed picture as 15 percent noted that variable NAV MMFs would become more important for them. The potential decline in investment in deposits is consistent with treasurers need to manage counterparty risk effectively; however, it should perhaps be noted that the 2012 study had similar findings, but the proportion of investments held in deposits has not been reduced. Use of MMFs More than half of respondents (52 percent) already used constant NAV MMFs for cash investment, with 25 percent indicating that these instruments were likely to become more important in the future. However, there remains a sizeable group of corporate investors who are not attracted to MMFs (either constant or variable NAV) at present. This would appear to be surprising bearing in mind the high credit quality, inherent diversification, sophisticated credit analysis, and access to liquidity that these funds offer. While lack of familiarity with constant NAV MMFs remains a challenge, and indeed this problem seems to have increased over the past 12 months (figure 6) this is not the primary issue. Instead, there continue to be concerns about counterparty risk and liquidity, even though high credit quality and immediate access to funds were the primary reasons for the development of these instruments. In 2012, the comparatively low yield offered by constant NAV MMFs compared with other instruments was the most frequently cited reason why some companies chose not to invest in them; a year later, while yield remains an important factor, its relative importance has declined as discussed previously. The 16 percent of respondents who mentioned other reasons for not using MMFs with a constant NAV in this year s survey represented companies that did not have surplus cash balances and therefore cash investment instruments in general were not applicable to their business; stamp duty in countries such as Switzerland was also noted. Figure 6. Reasons for not using MMFs Not familiar with instrument Not available in base/ operating currency Counterparty risk Liquidity Comparatively low yield Concerns about new regulations Other 10 Corporate cash investment study 2013

13 Effect of regulatory reform With the ongoing prospect of substantial money market reform in both the United States and Europe, respondents were asked what they might add to their portfolio or increase their asset allocation should this occur (figure 7). Relatively few chose variable or constant NAV MMFs, presumably as these instruments are those most likely to be affected by potential new regulation. Deposits (31 percent), commercial paper (28 percent) and government debt (27 percent), which are often considered the traditional treasury investment instruments were listed most commonly. This potentially illustrates that regulatory change is not a catalyst for treasurers to explore new investment opportunities, but that they are confident in the instruments with which they are already familiar and therefore wish to continue investing in them. Figure 7. Potential additions/ increases to portfolio due to regulatory change N/A Tri-party Repos Treasury bill/notes (government debt) Short-term Bond Funds Separately Managed Accounts Money Market Funds (MMFs) variable NAV Money Market Funds (MMFs) constant NAV Floating rate/ variable rate notes Fixed rate Bonds Deposits Commercial Paper Certificates of Deposit

14 Transaction execution The past twelve months has seen a dramatic reduction in the use of telephone for transacting short-term investments. In 2012, just over half (51 percent) of cash investment transactions are conducted via telephone; in 2013, this figure has fallen to 30 percent. There is a general preference for third party (independent) portals (35 percent) for investment transactions compared with proprietary bank portals (26 percent). This also represents a reversal from 12 months ago, when 24 percent of respondents preferred proprietary portals versus 20 percent who used independent portals. As predicted, companies are increasingly recognizing the advantage of bank independence and the ability to transact with multiple counterparties through a single channel. By using an independent portal, treasurers can improve operational efficiency, as they do not need to manage multiple portals or integrate them with internal systems, and they are in a better position to monitor counterparty risk and demonstrate price discovery by obtaining competitive quotes. The statistic that has not changed over the past year is the proportion of companies using a portal (whether proprietary or independent) that have integrated this within their treasury management system (TM), which remains at around 40 percent. Consequently, significant potential remains to enhance process efficiency and control, by achieving higher levels of straight-through processing. Short-term MMFs and MMFs are amongst the most popular instruments to transact through a portal. Companies that are not yet using a portal for this purpose cite low volumes, the need to use multiple systems or the lack of integration with their TMS (21 percent) as the primary factors in their decision. This objection would not be valid if using a sophisticated solution with strong integration capabilities such as SunGard Global Network (SGN); similarly the need to use multiple portals would mostly apply when considering using banks proprietary systems. Interestingly, very few companies now state that their chosen funds are not available via a portal, which is a difference from last year. In addition, a significant proportion of companies that stated that they did not currently use a MMF portal were in the process of implementing one. Figure 8. Methods of transaction execution 9% Other 12% Third party portal, integrated with TMS 30% Telephone 23% Third party portal, not integrated with TMS 14% Standalone, proprietary bank portal(s) 12% Proprietary bank portal(s) integrated with TMS 12 Corporate cash investment study 2013

15 Conclusion Although the financial markets remain volatile and uncertain in some markets, there are hints of recovery. Companies are continuing to generate healthy cash flow, which, in many cases, they are accumulating in order to fund strategic investment and mergers and acquisitions as well as working capital financing. Treasurers remain highly conservative in their investment policies and asset allocation, and counterparty risk and liquidity remain priorities. The challenge therefore is finding appropriate receptacles for cash that meet security and liquidity criteria, particularly as counterparty credit limits are often fully utilized. In conjunction with these problems, the changing regulatory environment continues to pose challenges for corporate investors. Basel III is already resulting in some types of investment becoming more attractive for banks and vice versa, which is one factor in the continued growth of MMFs, particularly constant NAV MMFs. However, proposed regulation in both the United States (U.S. Securities and Exchange Commission s (SEC) Announcement on Regulatory Reform, 7th June 2013) and Europe (EC MMF Regulation Proposal, 4th September 2013) continues to create uncertainty. Should these reforms be executed in their current form although unlikely until 2015, we are likely to see new investment funds emerge and/or continued growth in demand for commercial paper, government debt and bank deposits, exacerbating the investment challenges that corporate treasurers already face. It seems unlikely that regulatory reform will prompt a major change of risk appetite amongst corporate investors, but it will be interesting to see how a potential rise in interest rates affect corporate behavior. With issues such as unlocking trapped cash in regulated market becoming a higher priority, treasurers are positioned to take greater advantage of higher interest rates should they materialize. Just as managing risk is an essential aspect of treasurers investment strategy; it is also a growing priority from an operational perspective. This is evidenced by the significant decline in cash investment transactions that we have seen over the past year, and growth in the use of independent portals. The next step for many companies is now to integrate portals with their wider treasury management infrastructure to facilitate greater control and efficiency. 13

16 About the SunGard Global Network (SGN) The SunGard Global Network (SGN) is a trading services network that links asset managers and brokers throughout the financial services value chain, offering trade automation and connectivity for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents. SGN helps automate the entire trade lifecycle, from order execution through to post-trade processing. It facilitates trading around the world, connects with major third-party order-routing networks, and delivers low-latency global market data. For more information, please visit For more information, please visit: Contact us Twitter About SunGard SunGard is one of the world s leading software and technology services companies. SunGard serves approximately 25,000 customers in more than 70 countries and has approximately 17,000 employees. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of over $4.0 billion, SunGard is one of the largest privately held IT software and services companies. For more information, please visit SunGard. Trademark Information: SunGard, and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. SunGard s SGN brokerage services offered in the United States and Canada are provided by SunGard Institutional Brokerage Inc., Member FINRA / SIPC. SGN brokerage services offered throughout Europe, the Middle East, Africa and Asia Pacific are provided by SunGard Global Execution Services Limited which is authorised and regulated by the Financial Conduct Authority, No Incorporated and registered in England and Wales No Registered Office: 25 Canada Square, London E14 5LQ. SunGard Global Execution Services Limited (ARBN No ) is exempted from licensing under Australia Securities & Investments Commission Class Order 03/1099 and is regulated by the Financial Conduct Authority under UK laws, which differ from Australian laws.

GLOBAL NETWORK CORPORATE CASH INVESTMENT REPORT 2014

GLOBAL NETWORK CORPORATE CASH INVESTMENT REPORT 2014 GLOBAL NETWORK CORPORATE CASH INVESTMENT REPORT 2014 CONTENTS SunGard Corporate Cash Investment Report 2014 1 Introduction 2 Executive summary 4 Approach to cash investment 4 Changing cash balances 4 Figure

More information

Data from the International Investment Funds Association (IIFA)

Data from the International Investment Funds Association (IIFA) MONEY MARKET FUNDS DRAFT REPORT AMIC Meeting, Brussels December 12, 2008 Money market funds (MMFs) developed in the early 1970s in the US. They evolved from 1971 onwards in response to the restrictions

More information

Cash Flow Management in a Basel III World

Cash Flow Management in a Basel III World SEPTEMBER 2012 Cash Flow Management in a Basel III World Table of Contents Cash Flow Management..2 Achieving Cash Efficiency..2 Forecasting is Critical...3 Balancing Security, Liquidity and Yield...4 Time

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

Treasury Models: Proactive Planning and Execution

Treasury Models: Proactive Planning and Execution : Proactive Planning and Execution Across Asia Pacific, corporations are proactively examining treasury structures to support current and future growth plans. As a result, treasury enhancement projects

More information

Earnings attributed to equity shareholders after tax were K9.1 billion (2005: K6.1 billion), a rise of 49% and Return on Shareholders funds of 39%.

Earnings attributed to equity shareholders after tax were K9.1 billion (2005: K6.1 billion), a rise of 49% and Return on Shareholders funds of 39%. MANAGING DIRECTOR S REVIEW OVERVIEW Zambia enjoyed a robust economic growth of 5.8% in 2006 (2005: 5.2%) mainly driven by positive growth in mining, construction and transport sectors. Other positive developments

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

CONSULTING SERVICES Financial Systems Implementation Support

CONSULTING SERVICES Financial Systems Implementation Support CONSULTING SERVICES Financial Systems Implementation Support Financial Systems Implementation Support Corporate finance organizations are facing unparalleled pressure to implement technology and improve

More information

The Quarterly Corporate Cash Report

The Quarterly Corporate Cash Report The Quarterly Corporate Cash Report October 2011 Volume 2, Issue 1 Corporate Cash Tops $2 Trillion U.S. corporate cash and shortterm investments increased $88 billion in the second quarter of 2011, reaching

More information

Investor Education. Repurchase Agreements

Investor Education. Repurchase Agreements Investor Education Repurchase Agreements 2016 REPURCHASE AGREEMENTS Repurchase Agreements Introduction A repurchase agreement (also known as a repo) is a sale of securities coupled with an agreement to

More information

ishares Product Overview Q2 2015

ishares Product Overview Q2 2015 ishares Product Overview Q2 2015 About BlackRock BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2015,

More information

Transact Guide to Investment Risks

Transact Guide to Investment Risks Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates

More information

AVANTGARD Treasury, liquidity risk, and cash management. White Paper FINANCIAL RISK MANAGEMENT IN TREASURY

AVANTGARD Treasury, liquidity risk, and cash management. White Paper FINANCIAL RISK MANAGEMENT IN TREASURY AVANTGARD Treasury, liquidity risk, and cash management White Paper FINANCIAL RISK MANAGEMENT IN TREASURY Contents 1 Introduction 1 Mitigating financial risk: Is there an effective framework in place?

More information

Financial Markets and Institutions Abridged 10 th Edition

Financial Markets and Institutions Abridged 10 th Edition Financial Markets and Institutions Abridged 10 th Edition by Jeff Madura 1 23 Mutual Fund Operations Chapter Objectives provide a background on mutual funds describe the various types of stock and bond

More information

Survey Report. Business strategy and technology priorities in the wealth management industry. Examination of top US wealth management firms

Survey Report. Business strategy and technology priorities in the wealth management industry. Examination of top US wealth management firms Survey Report Business strategy and technology priorities in the wealth management industry Examination of top US wealth management firms Balaji Yellavalli Infosys Ltd. Jaroslaw E. Knapik Datamonitor In

More information

Investment Management Services. Botswana

Investment Management Services. Botswana Investment Management Services Botswana 01 STANLIB Investment Management Services 02 STANLIB Botswana Money Market Fund 03 STANLIB Botswana Managed Prudential Fund 04 STANLIB Botswana Equity Fund 05 General

More information

The Quarterly UK & Eurozone Corporate Cash Report

The Quarterly UK & Eurozone Corporate Cash Report The Quarterly UK & Eurozone Corporate Cash Report October 2011 Volume 2, Issue 1 Corporate Cash Remains Near Record Highs UK and Eurozone corporate cash and short-term investments remain near all- time

More information

Unlimited deposit insurance is unnecessary

Unlimited deposit insurance is unnecessary October 13, 2010 Mr. Robert Feldman Executive Secretary Attn: Comments Federal Deposit Insurance Corporation 550 17 th Street, NW Washington, DC 20429 Re: RIN # 3064-AD37 Dear Secretary Feldman: Treasury

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

the Money Market Fund reform LandSCaPe

the Money Market Fund reform LandSCaPe the Money Market Fund reform LandSCaPe DEcEmbER 2013 OVERVIEW contents Overview 1 the current Landscape 2 International Policy Recommendations 3 the United States & Europe: A closer Look at the Details

More information

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests a guide to Bond Mutual Funds A bond mutual fund is an investment company that pools money from shareholders and invests primarily in a diversified portfolio of bonds. Table of Contents What Is a Bond?...

More information

November 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities

November 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities November 2012 Emerging market corporate bonds attractive opportunities in a dynamic sector In a world where traditional fixed income investments, such as core government bonds, offer very low returns to

More information

AVANTGARD Treasury, liquidity risk, and cash management

AVANTGARD Treasury, liquidity risk, and cash management AVANTGARD Treasury, liquidity risk, and cash management AvantGard treasury, risk, and cash management solutions help meet the emerging challenges of today s treasurer by driving automation, visibility,

More information

Individual Savings Account Fund menu

Individual Savings Account Fund menu Individual Savings Account Fund menu This fund menu lists all the funds available on our Individual Savings Account (ISA). Your financial adviser will be able to help you choose the right combination of

More information

New rules for money market funds

New rules for money market funds New rules for money What they mean for advisors and their clients New rule changes affect all money Money (MMFs) are a popular and widely used liquidity and capital preservation option within client portfolios,

More information

INTRODUCING MULTI-ASSET PORTFOLIO FUNDS

INTRODUCING MULTI-ASSET PORTFOLIO FUNDS PENSIONS INVESTMENTS LIFE INSURANCE INTRODUCING MULTI-ASSET PORTFOLIO FUNDS Irish Life has developed five Multi-Asset Portfolio Funds: If you are a low risk or high risk investor, there is a fund that

More information

CHAPTER 8: Organisational objectives, growth and scale

CHAPTER 8: Organisational objectives, growth and scale CHAPTER 8: Organisational objectives, growth and scale The Objectives of Organisations Key Revision Points Organisational goals can be classified into a number of categories: Those that aim to make a profit

More information

Virtual Stock Market Game Glossary

Virtual Stock Market Game Glossary Virtual Stock Market Game Glossary American Stock Exchange-AMEX An open auction market similar to the NYSE where buyers and sellers compete in a centralized marketplace. The AMEX typically lists small

More information

0 1 / 14. Clearstream Global Liquidity Hub Newsletter. A single master contract for multiple triparty repo counterparties

0 1 / 14. Clearstream Global Liquidity Hub Newsletter. A single master contract for multiple triparty repo counterparties Clearstream Global Liquidity Hub Newsletter 0 1 / 14 A single master contract for multiple triparty repo counterparties In June 2013, Clearstream developed a new legal master agreement for triparty repo

More information

TD Mutual Funds Fund Profiles

TD Mutual Funds Fund Profiles TD Mutual Funds Fund Profiles Global Equity Funds TD Global Low Volatility Fund TD Global Dividend Fund TD Global Value Fund TD Global Growth Fund July 27, 2011 TD Global Equity Portfolio TD Global Multi-

More information

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 An Inflection Point for Money Market Funds? New regulations related to money market funds will have significant impacts to plan sponsors

More information

Government Entities: A New Approach to Deposits

Government Entities: A New Approach to Deposits September 2012 WHITE PAPER Government Entities: A New Approach to Deposits Table of Contents Government Entities Under Pressure...2 Historically Low Returns..2 Maximizing the Value of Public Deposits...3

More information

What Investors Should Know about Money Market Reforms

What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms Executive Summary Ò New SEC regulations for the $2.7 trillion money market industry may present

More information

Warmest welcome! 18th Baltic Utilities Seminar

Warmest welcome! 18th Baltic Utilities Seminar Warmest welcome! 18th Baltic Utilities Seminar 18 th Baltic Utilities Seminar supports development of future engineering The BUS gift fund diverted to the purchase of study technology at Engineering High

More information

Institutional Investors and the CEE Stock Exchange Group in 2014

Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges

More information

Schwab Bank Savings. An FDIC-insured deposit feature for retirement plans

Schwab Bank Savings. An FDIC-insured deposit feature for retirement plans Schwab Bank Savings An FDIC-insured deposit feature for retirement plans It s different from the usual cash preservation options, with a lot of benefits In conversations with our clients, Schwab Bank has

More information

Frequently Asked Questions Q3 2007

Frequently Asked Questions Q3 2007 Frequently Asked Questions Q3 2007 1. Can you comment on the performance of CIBC Retail Markets during the quarter? CIBC Retail Markets reported net income for the third quarter of $555 million, up 14%

More information

Fund guide. Prudence Bond Prudence Managed Investment Bond

Fund guide. Prudence Bond Prudence Managed Investment Bond Fund guide Prudence Bond Prudence Managed Investment Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone is different so

More information

Investor Knowledge Quiz. A helpful guide to learning more about investing.

Investor Knowledge Quiz. A helpful guide to learning more about investing. Investor Knowledge Quiz A helpful guide to learning more about investing. An overwhelming 97 percent of investors realize they need to be better informed about investing. And nearly half said they could

More information

UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES

UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES Over a series of upcoming papers we aim to help money market fund investors understand and assess money market fund rules by exploring the impact of the

More information

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc HUME EUROPEAN OPPORTUNITIES FUND SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc This document supplements the current prospectus for European Wealth Investment Fund plc (the Company)

More information

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21. FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.9 BILLION CITIGROUP 2004 NET INCOME OF $17.0 BILLION, EPS OF $3.26 REVENUES

More information

Income dividend distributions and distribution yields

Income dividend distributions and distribution yields Income dividend distributions and distribution yields Why do they vary from period to period and fund to fund? JULY 2015 Investors often rely on income dividend distributions from mutual funds to satisfy

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

INVESTING EFFECTIVELY TO HELP MEET YOUR GOALS. MUTUAL FUNDS

INVESTING EFFECTIVELY TO HELP MEET YOUR GOALS. MUTUAL FUNDS { } INVESTING EFFECTIVELY TO HELP MEET YOUR GOALS. MUTUAL FUNDS 1 MUTUAL FUNDS: STRENGTH IN NUMBERS You like to think about retirement; that time when you will be able to relax and enjoy life the way it

More information

News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President and Treasurer Phone: (229) 873-3830 gkirkland@sgfc.

News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President and Treasurer Phone: (229) 873-3830 gkirkland@sgfc. Southwest Georgia Financial Corporation 201 First Street S.E. Moultrie, GA 31768 PH: (229) 985-1120 FX: (229) 985-0251 News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President

More information

Positive 4 th quarter solidifies profitable 2010 for Old National

Positive 4 th quarter solidifies profitable 2010 for Old National FOR IMMEDIATE RELEASE January 31, 2011 Contacts: Media: Kathy A. Schoettlin (812) 465-7269 Executive Vice President Communications Financial Community: Lynell J. Walton (812) 464-1366 Senior Vice President

More information

Bank Account Management

Bank Account Management Asia Pacific Treasury Management Barometer 2013 Paving the way for BAM As global corporations increasingly expand into Asia to tap into future growth opportunities, attitudes towards the role of treasury

More information

The first quarter was highlighted by:

The first quarter was highlighted by: Mercantile Bank Corporation Reports Strong First Quarter 2013 Results Diluted earnings per share increased 79 percent Continued asset quality improvement and outlook remains positive GRAND RAPIDS, Mich.,

More information

Frequently Asked Questions Q3 2006

Frequently Asked Questions Q3 2006 Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased

More information

Asset Allocation Shifts at Pension and Retirement Plans

Asset Allocation Shifts at Pension and Retirement Plans Asset Allocation Shifts at Pension and Retirement Plans A report prepared by the Institutional Investor Custom Research Group in conjunction with AMP Capital Contents Welcome Executive summary About this

More information

BLACKROCK SECURITIES LENDING

BLACKROCK SECURITIES LENDING FOR PROFESSIONAL clients and qualifed investors ONLY BLACKROCK SECURITIES LENDING UNLOCKING THE POTENTIAL OF PORTFOLIOS JUNE 2015 Introduction Securities lending is a well-established practice where funds

More information

Customer Investment Profile

Customer Investment Profile Customer Name: Account Number: Contact Number: The purpose of this investment profile form is for us to better understand your financial means, investment experience, investment objectives and general

More information

General Investment-Related Terms

General Investment-Related Terms General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated with marketing and selling the fund. 12b-1

More information

Investor Knowledge Quiz. A helpful guide to learning more about investing.

Investor Knowledge Quiz. A helpful guide to learning more about investing. Investor Knowledge Quiz A helpful guide to learning more about investing. FINRA and Investor Education FINRA, the Financial Industry Regulatory Authority, is an independent, not-forprofit organization

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Thursday July 18, 2013 FOR IMMEDIATE RELEASE

Thursday July 18, 2013 FOR IMMEDIATE RELEASE Thursday July 18, 2013 FOR IMMEDIATE RELEASE Washington Federal Reports Higher Net Income, Announces the Acquisition of 51 Branches in Four States, and Completes Conversion to a National Bank Charter.

More information

Exchange Traded Funds

Exchange Traded Funds Exchange Traded Funds Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are essentially straightforward index-tracking instruments but in the hands of a skilful professional

More information

Morningstar Core Equities Portfolio

Morningstar Core Equities Portfolio Morningstar Core Equities Portfolio Managed Portfolio Disclosure Document for members dated 29/02/2016. The Portfolio Manager is Morningstar Australasia Pty Limited (ABN 95 090 665 544, AFSL 240892). Issued

More information

Strategic Focus: High Dividend Stock Strategy

Strategic Focus: High Dividend Stock Strategy Strategic Focus: High Dividend Stock Strategy September 2011 333 South Grand Avenue, Los Angeles, CA 90071 WHY ARE HIGH DIVIDEND STOCKS APPEALING? I Support from Robust Corporate Profits and Improving

More information

October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com

October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR Q3 2015 DALLAS - October 21, 2015

More information

A Winning Relationship. You, Your Advisor, and Schwab Advisor Services. For Clients of Independent Investment Advisors

A Winning Relationship. You, Your Advisor, and Schwab Advisor Services. For Clients of Independent Investment Advisors A Winning Relationship You, Your Advisor, and Schwab Advisor Services For Clients of Independent Investment Advisors Your advisor s expertise and Schwab s custody services come together to help protect

More information

Cash Flow Forecasting

Cash Flow Forecasting Asia Pacific Treasury Management Barometer 2013 The Reality of Cash Flow Management In treasuries across Asia Pacific, the currency placed on cash flow management is moving in leaps and bounds. From liberal

More information

An Attractive Income Option for a Strategic Allocation

An Attractive Income Option for a Strategic Allocation An Attractive Income Option for a Strategic Allocation Voya Senior Loans Suite A strategic allocation provides potential for high and relatively steady income through most credit and rate cycles Improves

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

Your Assets are Safeguarded. at Morgan Stanley

Your Assets are Safeguarded. at Morgan Stanley Your Assets are Safeguarded at Morgan Stanley Our valued wealth management clients have entrusted a total of more than $1.8 trillion in assets with Morgan Stanley as of September 30, 2013, making us one

More information

Strategic and Operational Overview May 11, 2016

Strategic and Operational Overview May 11, 2016 Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,

More information

HEDGE FUND PORTFOLIO MANAGEMENT FRONT ARENA

HEDGE FUND PORTFOLIO MANAGEMENT FRONT ARENA HEDGE FUND PORTFOLIO MANAGEMENT FRONT ARENA FRONT ARENA FOR HEDGE FUNDS REAL TIME PORTFOLIO AND RISK MANAGEMENT The pressure has never been higher to find software solutions able to adapt to the changing

More information

Pioneer Funds. Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: May 1, 2015

Pioneer Funds. Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: May 1, 2015 Pioneer Funds May 1, 2015 Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: Fund Pioneer Absolute Return Bond Fund Pioneer AMT-Free Municipal Fund Pioneer

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015

Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015 RETIREMENT INSIGHTS Money market reform Understanding the impact on defined contribution plans December 2015 AUTHORS IN BRIEF New rules governing money market funds (MMFs) will have an impact on defined

More information

Cash Management Group Solvency II and Money Market Funds

Cash Management Group Solvency II and Money Market Funds Cash Management Group Solvency II and Money Market Funds The opinions expressed are as of June 2012 and may change as subsequent conditions vary. Managing cash and short term investments is an essential

More information

Investing Offers Rewards And Poses Risks. Investment Basics: The Power of Compounding. How Do Americans Invest Their Savings? (HA)

Investing Offers Rewards And Poses Risks. Investment Basics: The Power of Compounding. How Do Americans Invest Their Savings? (HA) How Do Americans Invest Their Savings? (HA) Learning how to save money for future use is an important first step in reaching your long-term goals. But saving alone is not enough. You will also need to

More information

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference.

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference. BBIF Government Securities Fund BBIF Tax-Exempt Fund Supplement dated April 22, 2016 to the Prospectus, Summary Prospectuses and Statement of Additional Information of the Funds, dated January 4, 2016

More information

GREENWICH ASSOCIATES. 2014 Greenwich Leaders: European Large Corporate Banking & Transaction Services

GREENWICH ASSOCIATES. 2014 Greenwich Leaders: European Large Corporate Banking & Transaction Services 0 Leaders: European Large Corporate ing & Transaction Services Q 0 Low interest rates and new capital requirements for banks combined have altered the way large European companies finance their businesses.

More information

INVESTMENT DICTIONARY

INVESTMENT DICTIONARY INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and

More information

Russell Funds Russell Tax Exempt High Yield Bond Fund Money Manager and Russell Overview November 2015

Russell Funds Russell Tax Exempt High Yield Bond Fund Money Manager and Russell Overview November 2015 Russell Tax Exempt High Yield Bond Fund Money Manager and Russell Overview November 2015 Russell s investment approach Russell uses a multi-asset approach to investing, combining asset allocation, manager

More information

Investor Knowledge Quiz. A helpful guide to learning more about investing.

Investor Knowledge Quiz. A helpful guide to learning more about investing. Investor Knowledge Quiz A helpful guide to learning more about investing. FINRA and Investor Education FINRA, the Financial Industry Regulatory Authority, is an independent, not-forprofit organization

More information

Finance for Business Growth

Finance for Business Growth Finance for Business Growth A Presentation by Clive Lewis, Head of Enterprise, Institute of Chartered Accountants in England & Wales (ICAEW) Finance for Growth Businesses Presentation will cover: Do you

More information

Wealth Management and Securities Services

Wealth Management and Securities Services U.S. Bancorp Investor Day Wealth Management and Securities Services Terry Dolan Vice Chairman September 12, 2013 # Forward-looking Statements and Additional Information The following information appears

More information

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT

More information

Thomas A. Bessant, Jr. (817) 335-1100

Thomas A. Bessant, Jr. (817) 335-1100 Additional Information: Thomas A. Bessant, Jr. (817) 335-1100 For Immediate Release ********************************************************************************** CASH AMERICA FIRST QUARTER NET INCOME

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

INVESTMENT POLICY April 2013

INVESTMENT POLICY April 2013 Policy approved at 22 April 2013 meeting of the Board of Governors (Minute 133:4:13) INVESTMENT POLICY April 2013 Contents SECTION 1. OVERVIEW SECTION 2. INVESTMENT PHILOSOPHY- MAXIMISING RETURN SECTION

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements

Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements 16 June 2015 Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements By Dr. Jeremy Berkowitz, Dr. Patrick E. Conroy and Dr. Jordan Milev In July 2014, the Securities and Exchange

More information

Discretionary Wealth Management

Discretionary Wealth Management Discretionary Wealth Management Specialist, Focused, Committed Using experience and expertise to invest for your future Contents 1 The practical importance of wisdom 2 Introduction to Discretionary Wealth

More information

Russell Funds Russell Tax Exempt Bond Fund Money Manager and Russell Overview September 2015

Russell Funds Russell Tax Exempt Bond Fund Money Manager and Russell Overview September 2015 Money Manager and Russell Overview September 2015 Russell s investment approach Russell uses a multi-asset approach to investing, combining asset allocation, manager selection and ongoing portfolio management

More information

Sample Investment Policy. Introduction

Sample Investment Policy. Introduction Sample Investment Policy Introduction This statement of investment policy was adopted by the Board of Directors of Organization Name on Date, to provide for the creation of, and guidelines for the management

More information

Federated Municipal Obligations Fund

Federated Municipal Obligations Fund Summary Prospectus June 2, 2015 Share Class Cash Series Ticker MFSXX Federated Municipal Obligations Fund A Portfolio of Money Market Obligations Trust Before you invest, you may want to review the Fund

More information

General Money Market Funds

General Money Market Funds General Money Market Funds Prospectus April 1, 2014 Class A General Money Market Fund, Inc. (GMMXX) General Government Securities Money Market Fund (GGSXX) General Treasury Prime Money Market Fund (GTAXX)

More information

News Release. Zurich reports continued strong operating performance for the first six months of 2008

News Release. Zurich reports continued strong operating performance for the first six months of 2008 News Release Zurich reports continued strong operating performance for the first six months of 2008 Zurich Financial Services Mythenquai 2 8022 Zurich Switzerland www.zurich.com SWX Swiss Exchange/ SWX

More information

Future Proof Financial Services

Future Proof Financial Services Future Proof Financial Services How the market need drives adaptation of new technology concepts Roel Wolfert Global head of Strategy & Marketing Agenda 1. Just to remind you who is Logica 2. The needs

More information

BLACKROCK SECURITIES LENDING UNLOCKING THE POTENTIAL OF PORTFOLIOS

BLACKROCK SECURITIES LENDING UNLOCKING THE POTENTIAL OF PORTFOLIOS BLACKROCK SECURITIES LENDING UNLOCKING THE POTENTIAL OF PORTFOLIOS Introduction Securities lending is a well-established practice wherein mutual s make short-term loans of securities to seek an incremental

More information

Mutual Fund Investing Exam Study Guide

Mutual Fund Investing Exam Study Guide Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed

More information

SunGard Announces Third Quarter 2006 Results

SunGard Announces Third Quarter 2006 Results For more information, contact: Michael Ruane Eric Erickson Kris Block Tel: 484-582-5405 Tel: 484-582-5480 Tel: 484-582-5505 michael.ruane@sungard.com eric.erickson@sungard.com kris.block@sungard.com SunGard

More information

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:

More information

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 Today the European Commission (EC) released a proposal for a regulation on money market funds (MMFs) established,

More information