A press release entitled, "Mischler Expands Cash Management & Liquidity Solutions Platform; Former BofA Execs to Lead Initiative," and subtitled, "Nation's Oldest Veteran-Owned Broker-Dealer Marks 25th Anniversary and Grows Institutional Cash Management Products & Services," tells us, "Mischler Financial Group, Inc. ('Mischler'), the financial industry's oldest diversity-certified investment bank owned and operated by service-disabled veterans today announced a further expansion of the firm's institutional cash management services and ESG-powered money market fund platform that partners with the financial industry's top fund managers. The firm's liquidity solutions group will be led by former Bank of America executives La-Yona Rauls and Christopher Walsh."
Mischler CEO Dean Chamberlain comments, "As we celebrate our 25th anniversary, our imperative is to always remain relevant to our institutional and corporate treasury clients by having domain experts deliver the best quality products and services that are germane to our clients' specific needs. This latest expansion of our team with highly-regarded industry veterans who can introduce clients to a broad menu of ESG-centric money market funds, and further complemented by our offering a matrix of liquidity solutions for cash market strategies enables us to stay true to our mission."
He adds, "We know that clients have many options within the context of firms they look to for value-added solutions. The corporate treasury executives and asset managers who are already acquainted with La-Yona and Chris know they can be counted on to provide a truly bespoke approach for any client who requires objective guidance for cash market products and smart liquidity management strategies."
The release continues, "La-Yona Rauls joins Mischler as Managing Director, Head of Corporate Cash Strategies. She brings the firm and its clients more than two decades of experience and product fluency across the spectrum of domestic/offshore money market mutual funds, rates, money markets, structured products, municipals and IG Corporate debt. Prior to joining Mischler, Ms. Rauls held successively senior roles for Bank of America Merrill Lynch, where she most recently served as Director, Western Region Sales.... Ms. Rauls is also credited with creating and hosting an annual round-table event for Fortune 100 finance executives and securities industry thought leaders focused on ESG and Green investing themes, governance, as well as Diversity and Inclusion best practices."
Mischler's announcement explains, "Chris Walsh joins Mischler as Head of Short-Term Fixed Income and Global Liquidity Solutions. A 25-year cash markets veteran, Mr. Walsh has held senior roles for BGC Partners and Bank of America Merrill Lynch, where he was Head of Short-Duration Sales and Global Investment Solutions. Mr. Walsh was also Director of Fixed Income Institutional Sales for Credit Suisse."
Walsh states, "As my career evolves, I wanted to join an organization that blends the highest quality service and talent with a strong, value-based mission. Mischler's boutique-style firm combines these elements in a unique way, and I'm very excited to join a team that has become forefront in the industry."
Mischler is the latest to jump aboard the "impact" or social money market bandwagon (which follows a flurry of "ESG" (environmental, social, governance) offerings. We wrote on November 21, "Dreyfus Launches "Impact" or Diversity Government Money Market Fund," which explains, "Dreyfus recently filed to change one of its Government money market mutual funds into a new breed of "impact" or socially responsible funds, making it the second fund to date to funnel business through minority and other "diversity" dealers. A Prospectus Supplement for the $4.6 billon Dreyfus Government Securities Cash Management Fund tells us, "BNY Mellon Investment Adviser, Inc. generally will seek to place, over time, a majority of the aggregate dollar value of purchases and sales orders for Dreyfus Government Securities Cash Management's portfolio securities with dealers that are owned by minorities, women, disabled persons, veterans and members of other qualified and recognized diversity and inclusion groups, subject to the Adviser's duty to seek the best execution for the fund's orders."
The article cited the Federal Home Loan Bank's "Dealer Page," which says, "The Office of Finance is committed to diversity and inclusion in our authorized dealer group, and actively seeks opportunities to work with dealers that are owned by minorities, women, disabled persons, veterans, and members of the lesbian, gay, bisexual, and transgender (LGBT) community. The Office of Finance promotes diverse dealer opportunities through increased access to debt programs, focused training for dealer sales and trading staff, and co-marketing programs with fixed-income investors." Examples of the FHLB's D&I Dealer Group include: Academy Securities, Blaylock Van, CastleOak Securities, Loop Capital Markets, MFR Securities, Mischler Financial Group and Stern Brothers.
In addition to minority money market broker-dealer services, Mischler is expected to offer an online money market fund trading "portal". The platform is reported to be a white-labelled version of State Street's Fund Connect offering.
For more on Impact and ESG Money Market Funds, see our recent Crane Data News: BNP Insticash Adds ESG Overlay (11/29/19), Goldman Adds ESG Screen (11/14/19), Aviva Investors Discusses ESG MMFs; Fitch Rates MS ESG (11/6/19), UBS Asset Mgmt Files to Launch Select ESG Prime Institutional Fund (11/4/19), BlackRock Launches First Offshore ESG MMF; ICS LEAF in EUR, GBP, USD (7/22/19), SSGA Goes Live with ESG Money Market Fund (7/3/19) and Academy Securities, JPMAM Launch First Veteran-Affiliated Money Fund (5/16/19).
