Western's Offshore Mischler Shares
A press release entitled, "Western Asset Announces New Partnership with Mischler Financial Group," tells us, "Franklin Templeton announced the launch of Mischler Financial Group branded share classes in two Cayman Islands-based institutional money market funds sub-advised by Western Asset Management. The new share classes represent a partnership between Western Asset and Mischler Financial Group that aims to support their mutual corporate clients' objectives of maximizing their positive social impact through partnering with minority, women and disabled-veteran broker dealers. The share classes are available for investment by non-U.S.-based institutional shareholders through Mischler Financial Group and its affiliates and are intended as cash management solutions for non-U.S.-based shareholders, including corporate treasury and other qualifying institutional investors." La-Yona Rauls, Head of Corporate Cash Strategies at Mischler, comments, "We are excited to continue the expansion in investment solutions for investors aiming to support business growth for minority and veteran-owned enterprises. This new cash management solution for non-U.S. investors is an important addition for a number of our clients and increases the range of cash management strategies available to them supporting their focus on positive social change." Matt Jones, Head of Liquidity Distribution at Western Asset, adds, "We are excited to have been selected as the exclusive offshore money market fund provider to Mischler Financial Group's clients. Western Asset is committed to supporting the continued business growth of diverse broker dealers and Mischler is a leader in that category." The release also says, "Western Asset looks forward to working closely with Mischler to make the shares available to their non-U.S. corporate clients. Money market funds are a key product within Western Asset's extensive range of U.S. and internationally domiciled short-term investment solutions. In total, the firm manages $56.5 billion in money market funds as of June 30, 2023." For more on ESG & D&I/Social MMFs, see these Crane Data News pieces: "UBS Latest to Abandon ESG Money Funds; JNL Liquidates Money Fund" (10/13/23), "Morgan Stanley Latest to Abandon ESG MMFs" (8/16/23), "Money Fund Assets Decline Again; More AFP Survey: ESG Small in Cash" (6/23/23) and "ESMA, FSB Push European Money Fund Reforms; New HSBC ESG Euro MF" (3/27/23).
