现金差

With interest rates in the U.S. starting to rise from historical lows, institutional cash managers have begun to introduce new funds and new classes within funds. But, as always, their fees remain extremely low -- typically, between zero and 25 basis points -- so economies of scale are as critical as ever. John Winters, president of Westborough, Massachusetts based consulting firm Cash Strategies, estimates that institutional cash managers can hit operating margins of 30 percent, but only if they amass assets of at least $1.5 billion.

不出所料，市场上有171名球员，其中一些人巨大，许多现金管理人员已经开始收购竞争对手批量和实现那些重要的规模经济。或者他们正在走向出口。“这类商品产品有太多的球员，”冬天说。

然而，显着的事实很容易忽视。Because money market yields did not drop as quickly as interest rates in 2001 and 2002, when the U.S. Federal Reserve Board knocked 600 basis points off rates in an 18-month period, investors could for a while take advantage of a positive arbitrage in money funds. The upshot: a 50 percent increase in institutional money market assets in 2001 alone.

“公司债务家在那些年来借入资金基金 - 他们是镇上最伟大的比赛，”冬天说。即使在产量差距消失后，弥补金钱资金的财务主管甚至习惯，留下了现金。标准普尔500指数的公司中位现金余额稳步上升，达到2004年11月30日达到5.5亿美元，同比增长4.9亿美元。最近由芝加哥咨询公司的资金策略最近的一项调查发现，36％的企业现金投资于货币市场基金，而1999年的10％。

希望挖掘这一平静的钱池 - 并捕获从较小的竞争对手的资产离开业务 - 领先的资产管理人员，包括联邦投资者，雷曼兄弟，巴克莱全球投资者和摩根士丹利投资管理，已经推出了新的机构资金基金过去12个月。许多人都是增强的货币市场基金，其基本投资是浮息率的票据，而且经济性超过60天，而传统金钱基金的过夜至30天。

增强的货币市场基金开始于20世纪90年代中期播种，过去两年出现了丰富。典型的增强基金在2月中旬产生2.7％，而传统的机制资金基金的2.5％相比。

企业现金的欧洲市场也提供了有吸引力的前景。自20世纪90年代中期以来，欧洲机构资金基金索赔仅为600亿美元的价格仅提供相比之下，美国机构金钱基金市场为1万亿美元。

"The European institutional cash market is poised to grow just as the U.S. market did starting about 15 years ago," contends Cathryn Gregg, who heads the financial institutions practice at Treasury Strategies. Increasingly, multinational corporations demand the convenience of euro-denominated money funds. Michael Karpik, London-based director of the U.S. and global cash group at State Street Global Advisors, says, "It's far from where the U.S. is in absolute size, but the European marketplace looks like it could be as big or bigger than the U.S." The Institutional Money Market Funds Association predicts that Europe's money funds will have more than $1 trillion in assets in five to ten years.

但障碍织机。欧洲没有与1940年的美国投资公司法规第2A-7的第2A-7规则相当的金钱资金监管结构，这决定了金钱基金的风险水平和债券到期的组合。在没有这样的制度的情况下，欧洲机构投资者必须依赖评级机构对这些基金的评估。亚博赞助欧冠

此外，在巴塞尔I，欧洲广泛的资本协议下，欧洲银行必须维持100％的金钱资金价值 - 仅仅是股权基金。随着监管机构将新的巴塞尔II规则汇集在一起​​，这将在2006年12月生效，欧洲银行家希望能够缓解这些资本要求。“在巴塞尔二世下我们正试图为金钱基金提供更有利的风险评级，”州街的卡尔帕克“。

Even though corporate treasurers on both sides of the Atlantic are turning out to be the top customers for cash managers -- in the U.S., companies account for 80 percent of all institutional cash assets -- the industry is hardly likely to escape further consolidation, especially in the U.S.

少数债务主任已经开始将现金脱离金钱资金，因为产量落后于其他地方。“自2004年中期以来，当美联储开始提高利率时，我们一直在减少我们对货币市场基金的投资，转向直接乐器，”Chevrontexaco Corp的银行和金钱市场的助理财务主管Richard Lee说

The top ten U.S. institutional money market managers account for about 65 percent of all cash under management, up from 50 percent in 1995, according to Cash Strategies' Winters. He estimates that of the 161 cash managers that rank below the top ten, 84 have less than $1 billion in assets.

“规模盈利的关键,”詹姆斯·卡说se, who heads Merrill Lynch Investment Managers' institutional cash business for the Americas. "For that reason, the top ten players' market share is bound to grow."

偶尔，它会长过夜。2004年10月，联合国，近9％的美国市场，收购了联盟资本管理的短期资产 - 约290亿美元 - 近1亿美元;联邦现在控制了近10％的市场。并于1月底，Blackrock在州街道研究和管理有限公司的互联网资产中关闭了约520亿美元，其中包括机构货币市场基金。