Cash & Liquidity Management

The Growth of Money Market Funds in a Changing Landscape

Corporate treasurers’ approach to liquidity management has changed, especially in recent years. The first time Goldman Sachs Asset Management (GSAM) introduced stable NAV money market funds (MMFs) to treasurers in Germany four years ago only few took serious interest. While counterparty risk has always been a consideration for treasurers, this has generally been less of a priority than other forms of market risk, and has been secondary to yield in treasurers’ investment decisions. Consequently, most have been satisfied with bank deposits to manage their short-term liquidity, confident in the security provided by the deposit guarantee fund.

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