The Treasury Investment Mangers’ Peer Group (TIMPG) meets April 17-18 in New York City at the offices of host and sponsor BlackRock. It’s appropriate that on day one individuals have to file tax returns, since much of this meeting will focus on the impact on investment managers of US tax reform, which has created a complicated reality after months of waiting. Another key topic this year: rising interest rates.
Macro: Setting the stage will be Jeffrey Rosenberg, chief fixed income strategist at BlackRock. He will outline the effects of fiscal and monetary policy developments on rates and markets as well as the impact of repatriation on bond issuance, spreads and credit. With this building block, members will have the opportunity to share with each other their plans around capital structure in the wake tax reform. Read more on repatriation here.
Micro: Shifting focus to the investment portfolio, members are especially interested to learn from BlackRock specialists how funds should be allocated, especially since many participants are the recipients of new cash flow from repatriated funds. Members will also review some portfolio benchmarking data from the annual member survey. It is always helpful to see what other corporations allow under their investment policy and which sectors they are choosing to invest in. Closing out the day will be the member open forum, an excellent chance to address questions not on the formal agenda.
Data Pains: A large frustration for investment managers is finding a mechanism to bring data together from multiple systems. Microsoft will provide a demonstration of Power BI, which may go a long way toward solving this perennial problem. More than ever, members will be called on by senior management to present and explain the investment portfolio. Members will gather in working groups to share with each other what they have found to be the best mechanism to engage senior leadership.
We’re looking forward to a busy day and a half. With tax reform passed and on the table as well as interest rates poised to move, it’s time for members to get off the sidelines and put their plans into action. After this meeting they will be more equipped to do just that.
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