Money market funds morph into bond-like discretionary accounts
BNY Mellon reacts to zero interest rates by offering segregated accounts for cash to institutional clients.
The inability of money-market funds to generate yields for investors because of ultra-low interest rates in developed markets has led managers of cash products to develop bespoke products that extend duration.
Marcus Littler, director of institutional liquidity sales for ex-North America at BNY Mellon, says the bank is now for the first time offering segregated mandates for cash-like exposures, and is orienting its custody and asset-management arms to collaborate on winning instituti…
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