Governance and Management

A Holistic Approach to Liquidity Management

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In this paper we share trends in liquidity creation at institutions and look at what’s behind them. We outline three building blocks to optimize liquidity management across an enterprise, providing several approaches to assessing liquidity needs holistically. We offer specific examples from US colleges and universities given the availability and breadth of data, though we believe that the lessons learned are broadly applicable. Finally, we discuss approaches to cash management in the current environment.

Strategic Currency Hedging Policy: A New Framework

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Currency risk is a fact of life for investors, yet few investors have given appropriate thought to setting a strategic hedging policy. The typical approaches have material drawbacks, being either too simplistic or too complex. The new framework we introduce in this paper achieves an attractive balance by seamlessly integrating qualitative portfolio considerations driven by relevant asset class characteristics with a highly simplified yet robust method of incorporating individual currency characteristics. The framework is applicable to a broad set of investors, accommodates lack of precision in measuring currency exposures, separates the question of implementation from policy setting, and helps clearly distinguish between strategic exposures and tactical overlays.

Quarterly Regulatory Update: Fourth Quarter 2015

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In this Edition: Market illiquidity concerns prompt additional regulations, investor solutions New liquidity regulations designed to reduce risk and create global alignment also raise questions of applicability Collateralized loan obligation changes create interesting potential risk/reward opportunity IRS pushes back key FATCA deadlines again Market Illiquidity Continues to Raise Concerns Spurs New Trading Platform Developments We…

Investment Publications Highlights: August 2015

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August’s publication summarizes three articles addressing concerns of taxable investors. The first examines the importance of tax management by considering how asset allocation for Yale University might change if it were taxable, the second highlights six trends impacting multi-family office professionals, and the third argues for wealth managers to use lessons learned in pension fund management to better manage client risk.