Saxon Brokered CD Portfolios
A press release entitled, "Saxon Securities to Offer FDIC-Insured Brokered CD Portfolios on Envestnet Platform." It says, "Saxon Securities, a recognized platform provider of separately managed account FDIC-Insured brokered certificates of deposit (CDs) investment management services for Registered Investment Advisers (RIAs), has teamed with Envestnet to offer its product on the Envestnet platform. Envestnet assists investment advisors in providing wealth management technology and services as well as investment solutions and products, including managed account portfolios, to their clients. "Envestnet prides itself on offering a broad set of managed account solutions to over 40,000 advisors who access the over 1,300 Separate Account Portfolios available through the single contract platform. We're pleased to be able to offer Saxon Securities' FDIC-insured CD portfolio solution and believe that the strategy fills a unique space in our managed account offering," said Estee Jimerson, Senior Vice President at Envestnet. The Saxon Securities product, usually accessed only by larger institutions, offers a managed service that provides competitive yields with the protection of the Federal Deposit Insurance Corp of the underlying CDs. In this persisting low yield environment and sovereign debt crisis, clients are looking for a managed government guaranteed fixed income solution that maximizes yield relative to other U.S. government guaranteed securities. Currently, large unprotected cash allocations are being held by investors in money market positions earning as little as 0.01% annually," said Ned Lucia, Managing Partner of Saxon Securities." In other news, the U.S. Treasury's Office of Financial Research <i:https://financialresearch.gov/public-appearances/2016/03/30/financial-data-summit/> Director `Richard Berner commented at this week's "Financial Data Summit," "At last year's summit, I noted our collaboration with the Federal Reserve and Securities and Exchange Commission, or SEC, on a pilot project to fill gaps in data describing repurchase agreements, or repo -- in this case, bilateral repo, which accounts for about half of the $3.4 trillion daily U.S. repo market activity. We have now finished collecting the pilot data from companies on a voluntary basis. In January, we published an OFR brief with aggregated data from the survey to provide greater transparency into the bilateral repo market <b:>`_for participants and policymakers. `We now have a second, related pilot project underway to fill gaps in data related to securities lending, in which securities owners lend stocks or bonds to other parties. We are planning permanent collections based on these pilot projects, in collaboration with FSOC member agencies."
