Friday, May 7, 10:30 - 11:45	view all sessions this time
Asset Management	view all sessions this track

106 - Reform, Ratings and Returns: The New Era of Money Market Funds

The impact of the credit crisis on short-term markets is nearing an end. A lesson learned from the recent financial disruption is the need for businesses and individuals to understand the risks of their cash management portfolios in the pursuit of capital preservation and convenient access to funds. Money market funds have become a popular tool to satisfy these investment objectives in offering stability, liquidity and a competitive return. The cash investment environment is entering a new era. Money market funds are expected to be subject to new regulatory restrictions, more stringent rating agency requirements, while investing in a prolonged low yield environment. As cash management strategies have become a growing focal point for corporate treasurers, banks and insurance companies, the importance of maintaining a stable, liquid portfolio remains a cash manager’s paramount objective. Uncertain macroeconomic conditions combined with ever-changing technical factors may cause unforeseen challenges. Cash managers must balance risk/return tradeoffs, while accounting for credit risk, interest rate sensitivity, cash-flow volatility, and liquidity risk management.  This presentation will provide a fresh approach to how these issues impact traditional strategic cash management and their impact on the future of the money market fund industry.

Michael Morin, Fidelity Investments Michael Morin is a Money Market Institutional Portfolio Manager for Fidelity Management & Research, the investment arm of Fidelity Investments, the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans and a leading online brokerage firm. In this capacity, Mr. Morin is responsible for the delivery, implementation, and oversight of the institutional fixed income investment strategy.  Prior to joining Fidelity in 2008, Mr. Morin spent ten years at JPMorgan Chase Bank, N.A. as a Managing Director in the Worldwide Securities Services division. His responsibilities included the development, implementation, and monitoring of global investment strategies across the Securities Lending & Cash Trade Execution portfolio valued in excess of $300 billion. Additional responsibilities included assisting the sales efforts to prospects and reviewing portfolio performance with existing clients. Mr. Morin held various trading positions at The Bank of New York Mellon Securities Lending Division for ten years prior to joining JPMorgan. Michael Morin earned a Bachelor of Science degree in Finance and Quantitative Methods from Syracuse University and a M.B.A. from Fordham University. He also is a CFA charter holder.