Successful Fall 2012 TIMPG Meeting

Blog Post

Successful Fall 2012 TIMPG Meeting

The Treasury Investment Managers’ Peer Group (TIMPG) met October 24 – 25 in Palo Alto at the offices of VMware. The meeting was sponsored by DB Advisors and had a strong turnout with 25 member companies present along with the sponsor guest, Symantec.  The group welcomed new member from SanDisk and a returning founding member from Procter & Gamble.
 

Meeting highlights

  • Repos and covered bonds. The meeting began with an overview and drill down into two asset types, repurchase agreements (repos) and covered bonds. The sessions were led by DB Advisors who impressed the group with their in-depth knowledge of the mechanics, markets and history of both products.
  • Focus on an emerging market: Turkey. Later, a member walked the group through his recent trip to Turkey with an asset manager to research the methodology for researching and performing credit analysis on emerging market debt.
  • Portfolio modifications discussion. The group also had a roundtable discussion on what modifications they have been making to their portfolios since the last meeting. Most have held steady but those who have made adjustments have centered on extending duration and increasing credit risk offshore and adding a few new asset classes onshore.
  • The "really big concerns:" Europe, the US and China. The first day concluded with DB Advisors reviewing with the group their views on what they consider to be the “really big concerns” in the global economy. Their top three included the prolonged problems in Europe, the prolonged economic sluggishness in the US (including a worst-case Fiscal Cliff outcome) and the economic slowdown in China.
  • In-sourcing client entertainment. While many members are outsourcing more of their asset management, they saw their meeting sponsor break new ground by in-sourcing the after-group dinner musical entertainment, illustrating that at least some financial types have interesting lives outside of work.
  • MMF reform: a place for variable NAV. The final session covered the current state of money fund reform and  DB Advisors, which has been deeply involved with regulators in this matter since the beginning, outlined the current reform scenarios and how variable NAV fits into the mix. With the later topic, they drew on their experience with the launch of their vNAV fund (see video clip here or iDevice version here).
The meeting also had an open forum where The NeuGroup did a demonstration of the new peer group website and several of its key features. The group also used this time to discuss the group’s current size and how to manage future inquiries for membership.
 
Overall the meeting was very successful and we thank VMware for hosting and DB Advisors for sponsoring the 16th meeting of the TIMPG.
 
[This post has been updated]
0