San Francisco – The average daily balance (ADB) on ICD Portal grew 30% year-over-year ending 31 December 2020, outpacing the market’s 23% increase in institutional money market fund assets tracked over the same period by the Investment Company Institute (ICI). ICD’s growth remained steady in the first quarter of 2021 with ADB at roughly $200 billion.
“Money market funds are critical instruments for treasury organisations looking to keep cash safe and liquid – top priorities in a year rocked by a global pandemic. We’ve also seen growth in alternative investments as some investors are more comfortable going further out on the curve to gain a little more yield in this low interest-rate environment.” says Tory Hazard, CEO of ICD.
Trade volume on ICD Portal increased 37% year-over-year in the first quarter of 2021. ICD services over $5 trillion in money market fund trading annually, bringing together corporate institutional investors and the fund companies that offer money market products and other short-term investments.
With over 400 treasury organisations, across 65 industries and 43 countries, ICD saw an 11% jump in new clients in 2020. New clients were evenly gained through ICD’s U.S. and UK-based entities.
With clients at the center of innovation at ICD, the portal provider was recognised in 2021 in Alexion’s Gold Award win at the Treasury Innovation Northeast Symposium, as part of Bandwidth’s Gold Award win for Treasury Transformation in Treasury & Risk magazine’s 2021 Alexander Hamilton Awards, and for its own Global Finance award for Best Investment Management Solution. These accolades follow ICD’s five industry awards in 2020.
ICD was also designated a 2020-2021 Great Place to Work with 9 out of 10 employees rating it a Great Place to Work, compared with 59% of employees at a typical U.S.-based company. ICD increased its workforce by 25% in 2020.