Webinar: Current rate environment and the implications of monetary policy on money market fund yields
6 May 2021 | 2:00pm BST
With base rates at near zero (0.1 BoE, 0.0 ECB, 0.7 Fed), and the prospect of negative rates in the EU, MoneyMarket funds (MMF), are likely to produce lower yields in the near term. Yet MMFs remain a strong pool of liquidity and a core cash management facility for corporate treasurers, from a short term investment perspective.
For treasurers depositing commercial paper, MMFs also provide an important platform for liquidity and short term funding. In Europe, MMF regulation and recent central bank actions have sought to smooth volatility, and support liquidity in the asset class for investors and corporate issuers, with the Fed also supporting US markets.
In this period as we progress hopefully beyond the shocks of the pandemic, we assess the outlook for MMF in post brexit UK and Europe, with a comparative glance to the US, and how the yield environment might evolve around central bank actions into 2022.
Mhammed BelfaidaPortfolio Manager, Liquidity Aviva Investors
Mhammed is a Portfolio Manager on the global liquidity team, focusing on managing euro money market and short duration bond funds.
Previously, Mhammed was at Société Générale Investment Banking (Paris), where he worked as a derivatives analyst. He started his career as a hedge fund research analyst, at BNP Paribas Wealth Management (Paris).
Mhammed has a MSc in Financial Markets and Investment from SKEMA Business School, France and holds the IMC. He is also a CFA® charterholder.
Stewart RobertsonSenior Economist (UK and Europe) Aviva Investors
As part of the Strategy Team, he is responsible for economic research and analysis of the UK and main European markets.
Prior to joining Aviva Investors, Stewart worked for Lombard Street Research, where he specialised as a UK economist. He also held positions at Coopers & Lybrand and Unilever plc. Stewart began his career as an economist in 1987, before joining financial markets in 1993. Stewart holds a BA (Hons) in economics from Liverpool University and an MSc in economics from the London School of Economics and Political Science.
Katie DellaMariaPortfolio Manager, Liquidity Aviva Investors
Katie is responsible for managing the US Dollar Liquidity Fund.
Prior to joining Aviva Investors, Katie was a fixed income portfolio manager at BMO Global Asset Management focusing on taxable short duration strategies. Prior to that, she spent four years at Pacific Investment Management Company on the institutional client service team and has held positions at Nuveen and JPMorgan.
Katie earned her MBA from the Kellogg School of Management at Northwestern University and bachelor’s degree in Mathematics from the University of Notre Dame. She is also a CFA® charterholder and is a member of the CFA Institute.