Novantas Buys Treasury Strategies
A press release entitled, "Novantas Acquires Treasury Strategies" says, "Novantas, Inc. announced today that it has acquired Chicago-based Treasury Strategies, Inc., a leading consultancy in bank and corporate treasury functions. The transaction expands the Novantas portfolio and strengthens its position as the leading revenue management company serving the financial community. It also extends Novantas analytic advisory services and technology solutions into the corporate arena. Treasury Strategies is the acknowledged leader in treasury management consulting on treasury, liquidity and payments solutions for many of the largest North American commercial banks and corporations. The Firm has a thirty-year track record of advising senior banking executives, corporate treasurers, regulators, legislators and the press, on issues affecting banking industry stability and performance. Tony Carfang, a senior partner, has testified numerous times to Senate and Congressional committees on the impact of regulatory actions and legislation on the banking industry and their customers. The Firm is widely recognized as an expert in the post Dodd-Frank economy. "We're delighted that Treasury Strategies will become part of Novantas,” said Dave Kaytes, Co-CEO of Novantas. "Their expertise, analytical focus and client service culture are ideally matched to our own, and their capabilities in Corporate Treasury Management are an excellent complement to Novantas' market and customer focused services for banks. We are excited to offer the enhanced services of the combined Company to our clients." It continues, "With more than 200 professionals, Treasury Strategies and Novantas make a formidable team in both bank and corporate treasury markets," added Cathy Gregg, senior partner of Treasury Strategies. "We look forward to integrating Treasury Strategies offerings into the combined Company product line, and investing the kind of capital and expertise Novantas brings, into the technologies and models we offer to Bank Executives and Corporate Treasurers." The Company announced that it will operate under the Novantas name and retain the Treasury Strategies brand in the corporate advisory business line. Treasury Strategies partners, Tony Carfang, Cathy Gregg and Dave Robertson, will become Managing Directors of Novantas, Inc, and the Treasury Strategies Chicago office will be combined with the Novantas Chicago facilities. The corporate integration is expected to be completed during June 2016. Financial details were not disclosed." (Note: Treasury Strategies' Tony Carfang is scheduled to speak on "Investor Issues: Corporates, Brokerage Sweeps" in Philadelphia later this month at Crane's Money Fund Symposium.) In other news, the Investment Company Institute recently released, "BrightScope/ICI Defined Contribution Plan Profile: A close Look at ERISA 403(b) Plans, 2013," which shows that money funds account for 3% of investments in 403b plans.
