The document discusses challenges faced by treasurers in managing investments, emphasizing the need for effective communication and streamlined access to data. It outlines various options for cash investments, including institutional money market funds, and highlights the benefits of using a money fund portal for efficiency and transparency. Additionally, it provides guidelines on what to look for in a service provider, such as experience, technology, and independence.

1. 2011 GFOA Conference
San Antonio, TX
May 23, 2011
Aron Chazen
Managing Director
T. 650.838.9206
aron@treasurycurve.com
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2. Each of you have different challenges
• Different types of investments
• Different sources of data
• Different reporting periods
• Different formats
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3. The Perfect Storm
• Robust level of fear
• Lack of transparency
• Available resources of treasurers are typically in short supply
– Treasury department is a cost center
– Generally thinly staffed
– Limited to no budget
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4. Successful organizations are better at
communicating
• Communication is best/easier with access to information that is:
• Properly formatted
• Available in a timely way
• Discussed openly with people across the organization
• Investment Committee
• Senior management
• Finance
• Treasury
• Accounting
• Auditors
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5. What are your choices?
• Public Sector entities seek safety, diversification & liquidity for
their operating cash investments.
– Institutional money market funds are a typical choice for
institution’s operating cash.
– State and Local Government Investment Pools.
– Time deposits.
• There are potential pros/cons and risk/rewards in all
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6. Investing in funds directly
Institutional Client (Corporation,
State and Local Government,
Hedge Fund, etc.)
Client’s bank
Client’s TWS, etc.
• Institution transacts with each fund directly
• Each fund reports in different format
• Mutual Fund 1
• Manual input with mutual fund
• Manual input with bank
• Manual input with TWS per fund
• Mutual Fund 2
•Manual input with mutual fund
• Manual input with bank
• Manual input with TWS per fund
Mutual Fund 1
Mutual Fund 2
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7. Investing in funds via money fund portal
Client
Client’s bank
Client’s TWS, etc.
• Institution transacts with one money fund portal
• Each transaction = one manual input with bank
• Each transaction = manual input with TWS
Money Fund Portal
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8. Your portal should offer the basics
Most portals give you instant access to money fund data such as:
• Daily balances
• Total assets per fund
• Percentage of the fund that you own
• Daily rates and mill rates
• Daily interest accruals, as well as monthly accruals not yet paid
• Monitoring and evaluating additional funds
• 360/365 calculators to compare fund yields versus securities
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9. What your portal should provide
• The ability to send only one wire for all purchases
made across multiple fund families
• A single statement for all fund families
• Daily online statements for reconciliation
• Instant printable trade confirmations
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10. Examples - Fund Providers Typically on
Portals
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11. What you should look for
•
Service. Your provider should share your sense of urgency.
•
Technology. Is your provider using proven technology or did they recently build
their own?
•
Independent. Who can offer you objective information. You are the client and
should be the one calling the shots on how you want to do business.
•
Experienced. Look for investment professionals with extensive experience in
institutional cash management. These are asset management products, not widgets.
•
Transparent. Your relationship with your financial institution is important and should
be aware of the business you are sending them.
•
Straight Through Processing Bank wires can be automatically initiated. All data
can be automatically integrated into your Treasury Workstation, ERP or
spreadsheet.*
•
Extended Portal Trading. Trading via the portal until 15 minutes before the funds
close. Telephone trading until the fund closes.
• Free. Isn't
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that better than paying for it?
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12. A Picture Is Worth 1000 Words
Your Bank
Your Treasury
Workstation,
ERP,
Spreadsheet
You
• You initiate ONE transaction.
•
* Bank wires can be
automatically initiated.
Money Fund
Portal
* All data can be
automatically integrated
into TWS, ERP or spreadsheet
Money Fund
A
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Money Fund
B
Money Fund
C
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13. This presentation is for institutional use only and is not intended for distribution to the general
public. The information and services provided by Treasury Curve are not provided to and may
not be used by any person or entity in any jurisdiction where the provision or use thereof would
be contrary to applicable laws, rules or regulations of any governmental authority or regulatory
or self-regulatory organization or clearing organization or where Treasury Curve is not
authorized to provide such information or services. Some products and services described may
not be available in all jurisdictions or to all clients. Any data presented is for illustrative
purposes only. Treasury Curve, LLC acts as a referring agent and does not handle customer
funds or orders. Treasury Curve, LLC does not endorse or offer recommendations regarding
the capabilities, products, or offerings of one Investment Manager, Mutual Fund, or BrokerDealer participant over another. Treasury Curve assumes that the user will perform their own
evaluation of capabilities and qualifications of Investment Manager(s), Mutual Fund(s), and/or
Broker-Dealers whose services the user might engage directly or indirectly through Treasury
Curve. Investments in the Funds are not guaranteed or insured. Past performance is not
indicative of future results. While the Funds accessible through Treasurycurve.com seek to
maintain the value of your investment at $1.00 per share, it is possible to lose money by
investing in these Funds.
For more complete information, including yields, charges, and expenses, please contact us at
(877) 982-8783 or your investment fund directly. Treasury Curve is a member of the
FINRA/SIPC. BNY Mellon Inc., will act as sub-accounting and shareholder servicing agent. BNY
Mellon does not endorse or offer investment recommendations of any kind regarding the
capabilities, products, or offerings of particular Investment Managers or Mutual Funds.
Treasury Curve, LLC, and its affiliates, assigns or contractors, may receive compensation from
each fund company for which services are rendered. These fees are paid from the funds normal
operating expenses and do not represent any additional cost to the client.
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