Money Fund Intelligence

Money Fund Intelligence Sample

Money Fund Intelligence is a must-read for money market mutual fund and cash investment professionals. The monthly PDF contains:

  • Money Market News - Coverage of cash happenings, new products, companies in the news, people, and more.
  • Feature Articles - Stories like "Trading Portals", "Enhanced Cash", and "Brokerages Push Banks".
  • Money Fund Profiles - In-depth interviews with portfolio managers and management teams.
  • Fund Performance/Rankings - Full listings of fund 7-day yields, monthly and longer-term returns (1-, 3-, 5-, and 10-year), assets, expense ratios, and more.
  • Crane Money Fund Indexes - Our benchmark money market averages by fund type, plus Brokerage Sweep and Bank Indexes.

Whether you're comparing a fund to the competition, benchmarking your cash portfolio to the market, looking for an investment, or looking for new product ideas, Money Fund Intelligence is the answer. E-mail us for the latest issue!

Latest Contents (Dec. 1, 2022)

Top 10 Stories of 2022: Rising Yields 1
J.P. Morgan's 2023 Outlook: Supply Up 1
BlackRock's Circle Reserve Fund USDC 1
Money Mkt News, Benchmarks 1
Brokerage Sweep & Bank Saving 8
People, Calendar, Subscription 8
Top Performing Tables, Indexes 9-12
Fund Performance Listings 13-26

The content page contains archives and delivery settings for all subscriptions.

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Money Fund Intelligence News

Dec 07
 

The December issue of our flagship Money Fund Intelligence newsletter, which will be sent out to subscribers Wednesday morning, features the articles: "Top 10 Stories of 2022: Rising Yields, Reform Reactions, D&I," which highlights Crane Data's biggest News pieces of the past year; "J.P. Morgan's 2023 Outlook: Supply-Demand Gap Narrows," which reviews the outlook for money markets in the coming year; and, "BlackRock's Circle Reserve Fund USDC Stablecoin," which covers the new money market fund used by the USDC stablecoin. We will also send out our MFI XLS spreadsheet Wednesday a.m., and we've updated our Money Fund Wisdom database with 11/30/22 data. Our December Money Fund Portfolio Holdings are scheduled to ship on Friday, Dec. 9, and our December Bond Fund Intelligence is scheduled to go out on Wednesday, Dec. 14. (Note: Our MFI, MFI XLS and Crane Index products are all available to subscribers via our Content center. Note too: Register ASAP for our Money Fund University, Dec. 15-16 in Boston, Mass, at the Hyatt Regency. Clients are welcome to stop by Crane Data's Holiday Cocktail Party at MFU on 12/15 from 5-7pm!)

MFI's "Top 10 Stories" article says, "After almost two years of zero interest rates, money fund yields skyrocketed in 2022, rising from 0.02% to 3.60% (Crane 100 MF Index). While this was the biggest story of the year, money funds also spent time discussing the SEC's Money Fund Reform Proposal from December 2021. (We're still waiting for the final rules to come out any day now.) Other major themes of the past year included: the pivot of ESG money funds towards Social MMFs, carnage in the stock and bond fund markets and asset outflows from ultra-shorts, the increase in yields in European and worldwide markets, and the end of fee waivers. Below, we excerpt from a number of our biggest stories to highlight the major trends of 2022."

It continues, "Crane Data's Top 10 Stories of 2022 include (in chronological order): 'Rolling w/Reform Changes IV: Recap of '21 Exits & Entries, ESG & News' (1/4/22); 'ESMA Proposes Reforms to European Money Market Fund Regulations' (2/22/22); 'Dreyfus Announces New BOLD D&I Share Class with Howard University' (3/1/22); 'BlackRock: Redemption Fee Simpler Than Swing Pricing; Sliding Scale' (4/21/22); 'Money Fund Yields Break 0.50%; Fidelity Hikes Sweep Rate; ICI Holdings' (5/17/22); 'AFP's 2022 Liquidity Shows Deposits, MMFs, T-Bills Still Kings of Cash' (6/17/22); 'Schwab CFO Crawford Discusses Cash 'Sorting,' End of Fee Waivers in Q2' (8/3/22); 'Third 75's a Charm for Fed, Rates Head to 3%; Money Funds in the News' (9/22/22); 'European MMFs Jump on Sterling Surge, Euro Yields Positive; MFII Holds' (10/18/22); 'Money Funds Hot and Getting Hotter: Barron’s, and, WSJ, FT Feature Articles' (10/24/22). (As a bonus #11, see too: 'Fed Hikes 6th Time; Rates Head to 4%; Prime Over $1 Tril.; More Swing (11/3/22).'"

Our "2023 Outlook" piece states, "J.P. Morgan published its 'Short-Term Fixed Income 2023 Outlook' last week, and titled it, 'More supply and higher yields, what's not to like?' Authors Teresa Ho, Pankaj Vohra and Holly Cunningham tell us, 'The sharp rise in rates this year was a welcome relief for the US money markets -- markets that were plagued by the Fed's zero interest rate policy for at least two years. Even so, it was not all good news, as high inflation and tight labor markets pushed the Fed to embark on one of the most aggressive tightening cycles in modern history. In response, liquidity investors significantly shortened duration at a time when the supply-and-demand mismatch in the money markets was substantial.'"

It Continues, "They say, '[T]his pushed short-dated T-bills and SOFR to trade meaningfully through RRP.... All told, balances at the Fed's ON RRP continued to grow, increasing from $1.5tn ... to $2.1tn, as investors used the facility as a source of backstop supply, to shorten duration, and/or to [support] their yields.'"

Our "Circle Reserves" piece states, "BlackRock recently launched a new Treasury (and repo) money market fund, Circle Reserve Fund, exclusively for Circle Internet Financial, which offers one of the largest stablecoins, USDC. The fund, with ticker USDXX (for its Institutional Shares), was launched on November 3, and has already grown to a hefty $15.9 billion. It has an expense ratio of 0.21% (0.17% after waivers), a minimum initial investment of $2 billion, a WAM (weighted average maturity) of 41 days and a 7-day yield of 3.86% (as of 11/30). BlackRock is the Manager and Distributor, while BNY Mellon is the Custodian and Accounting Services Provider, according to the fund's N-1A registration filing. USDC is approximately $43.9 billion in size, while the largest stablecoin, Tether, is $65.9 billion (though the latter has been decreasing of late)."

MFI writes, "An article from Coindesk, entitled, 'Circle Begins Putting Reserves Into New BlackRock Fund,' explains, 'Circle Internet Financial has begun moving the reserves for its USDC stablecoin into a dedicated fund set up by BlackRock and registered with the U.S. Securities and Exchange Commission, the company disclosed.... The Circle Reserve Fund -- a government money market fund managed by BlackRock Advisors -- has been in the works for months after BlackRock initially sought to register it in May. Circle will be its only eligible investor, and the stablecoin issuer has already started putting its reserves there, expecting to be 'fully transitioned' by the end of March.'"

MFI also includes the News brief, "Crane 100 Money Fund Index Hits 3.60%, Top MFs Break 4.0%." It says, "Money fund yields jumped again last month; our Crane 100 (7-Day Yield) rose 72 bps to 3.57% in Nov. (and has risen to 3.61% since). Eight money funds are yielding 4.0% or higher. Sweep rates also continue inching up, as Fidelity hiked its FDIC insured rates to 1.94%. Brokerage Sweeps average 0.43%."

Another News brief, "Retail MMFs Hit Record, Total Poised to Break," explains, "Crane Data's totals show assets rising $55.4 billion in November to $5.121 trillion, just below May 2020's record $5.163 trillion. ICI's latest weekly 'Money Market Fund Assets' report shows money fund assets jumping over the past week, the 4th increase in the past 5 weeks. Retail money fund assets hit a record $1.6 trillion recently."

Also, a sidebar, "NY Fed Blog: Deposit Betas," states, "The Federal Reserve Bank of New York's 'Liberty Street Economics' asks, 'How Do Deposit Rates Respond to Monetary Policy?' It tells us, 'When the Federal Open Market Committee (FOMC) wants to raise the target range for the fed funds rate, it raises the interest on reserve balances (IORB) paid to banks, the primary credit rate offered to banks, and the award rate paid to participants that in- vest in the overnight reverse repo (ON RRP) market to keep the fed funds rate within the target range.'"

Another sidebar, "MFs Bigger Than Bond Funds," says, "The Investment Company Institute's latest monthly 'Trends in Mutual Fund Investing' shows that money fund assets increased $36.8 billion in October to $4.607 trillion. Meanwhile, bond fund assets continued their steep decline, falling by $88.1 billion to $4.445 trillion. Money fund assets surpassed bond fund assets last month for the first time since 2010; bond funds have declined by over $1.1 trillion year-to-date in 2022. (The bond fund totals don't include bond ETFs, which total $1.204 trillion as of 10/31, according to ICI.)"

Our December MFI XLS, with November 30 data, shows total assets increased $55.4 billion to $5.121 trillion, after increasing $42.2 billion in October, $1.7 billion in September, $2.3 billion in August, $26.0 billion in July and $31.9 billion in June. They decreased $10.7 billion in May and $74.3 billion in April. MMFs increased $24.1 billion in March, decreased $34.6 billion in February and decreased $128.1 billion in January. Assets increased $104.6 billion in December and $49.7 billion in November. Our broad Crane Money Fund Average 7-Day Yield was up 63 bps to 3.37%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 72 bps to 3.57% in November.

On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 both were both higher at 3.69% and 3.73%, respectively. Charged Expenses averaged 0.38% and 0.26% for the Crane MFA and the Crane 100. (We'll revise expenses on Thursday once we upload the SEC's Form N-MFP data for 11/30/22.) The average WAM (weighted average maturity) for the Crane MFA was 16 days (up one day from previous month and the first increase in 11 months) while the Crane 100 WAM was also higher by one day at 15 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

Nov 29
 

Crane Data is preparing for its next Money Fund University "basic training" conference in just over 2 weeks! Our 12th annual MFU will change slightly from its previous basics format to a more advanced "Master's in Money Markets" program this year. It will take place at the Hyatt Regency in Boston, Mass., December 15-16, 2022. (We're also hosting Crane Data's Holiday Party at MFU on Dec. 15 from 5-7pm, so please join us!) Crane's Money Fund University is designed for those relatively new to the money market fund industry or those in need of a concentrated refresher on a broad core curriculum. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers, and the Boston show will include an `extra session on proposed regulations and an extended free training session for Crane Data clients. Money Fund University offers a 2-day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Registrations ($750) are now being taken, and the latest agenda is available here. (E-mail us to request the latest brochure.) Also, join us for our next Bond Fund Symposium, which be held in Boston, Mass., on March 23-24, 2023. Bond Fund Symposium is the only conference devoted entirely to bond mutual funds, bringing together bond fund managers, marketers, and professionals with fixed-income issuers, investors and service providers. The majority of the content is aimed at the growing ultra-short and conservative ultra-short bond fund marketplace. Finally, mark your calendars too for our next big show, Crane's Money Fund Symposium, which will be held in Atlanta, Ga., June 21-23, 2023. Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators for 2 1/2 days of sessions, socializing and networking. Let us know if you'd like more details on any of our events, and we hope to see you in Boston next month or in March 2023, or in Atlanta in June 2023.

Nov 07
 

The November issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Monday morning, features the articles: "Money Funds Getting Hot: Barron's, FT, WSJ Articles," which discusses the growing interest in and on cash; "Morgan Stanley Talks ESG at AFP; Names OFN for Impact," which reviews Scott Wachs' session on DE&I; and, "Schwab on Cash Sorting; Sweeps Shifting to MMFs," which quotes from the brokerage's recent earnings updates. We also sent out our MFI XLS spreadsheet Monday a.m., and we've updated our Money Fund Wisdom database with 10/31/22 data. Our November Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Nov. 9, and our October Bond Fund Intelligence is scheduled to go out on Tuesday, Oct. 15. (Note: Our MFI, MFI XLS and Crane Index products are all available to subscribers via our Content center. Note too: Crane Data and money market funds will be closed Friday, 11/11, for the Veterans Day Holiday.)

MFI's "Getting Hot" article says, "Money market mutual funds are hot and getting hotter, with articles on them appearing in Barron's, The Wall Street Journal and the Financial Times over the past 2 weeks. Barron's piece, 'Yields on Money-Market Mutual Funds Near 3%,' explains, 'Cash hasn't looked this good in money-market mutual funds for a long time. Yields are averaging 2.77% [now 2.96%], up from 0.02% in early January, according to Crane Data. Retail money funds could soon cross the 3% threshold, assuming that the Federal Reserve keeps raising its benchmark federal-funds rate.'"

It continues, "'Money funds follow the Fed, so there's no mystery of where yields are going,' says Peter Crane.... 'You haven't seen 3% to 4% yields since prior to the [2008-09] financial crisis,' he adds."

Our "Morgan Stanley" piece states, "Late last month, the Association for Financial Professionals hosted AFP 2022, the largest gathering of corporate treasury and cash managers in the country. The event included several sessions on money market fund investing, including one hosted by Morgan Stanley Investment Management's Scott Wachs entitled, 'Navigating Transformation in The Liquidity Investment Ecosystem.' Like some of the other sessions and a lot of the exhibit hall talk, rising rates, ESG investing, regulatory reforms and technology featured prominently in the discussion. We quote from some of the comments below, and also excerpt from a Morgan Stanley press release on its Impact share class."

It says, "Wachs tells the Philadelphia audience, 'There are a confluence of factors across many, many different dimensions in liquidity investments that have changed, or that we anticipate are going to change pretty dramatically over the course of the next few years. So, this is a really important time for Treasury professionals to think about and consider what those changes have been and what those changes will be. How do they impact how you do your jobs, how does that change best practices and how do you optimize your liquidity investments?'"

Our "Cash Sorting" piece states, "On Charles Schwab's '2022 Fall Business Update,' CFO Peter Crawford comments, 'Bank deposits were down 10% ... due to client cash allocation decisions that were broadly consistent with our expectations, given the dramatic increase in rates.... Looking ahead to 2023, we continue to see no reason that the magnitude of client cash sorting will be dramatically different than the last rising rate environment, suggesting balances trough at some point next year.'"

MFI writes, "He explains, 'There's obviously been a lot of commentary, perhaps too much, on the topic of client cash sorting, and we continue to receive a lot of questions. I emphasize that this is a dynamic which we view as very much temporary, quite manageable, and not a factor in our long-term performance.'"

MFI also includes the News brief, "Fed Hikes 6th Time in '22; Rates Head to 4%. The Federal Reserve raised short-term interest rates for the 6th time this year and hiked by 75 basis points for the fourth time in a row. The Federal funds target rate is now in a range from 3.75% to 4.00%, its highest level since 2008. Money fund yields should surge again next week and approach 3.5% in coming weeks and 4.0% by year end."

Another News brief, "SEC Reopens Comments on Reforms, Then Closes Them Again," says, "Their release, sent out `Oct. 11, 'SEC Reopens Comment Periods for Several Rulemaking Releases Due to Technological Error in Receiving Certain Comments' tells us, 'The Securities and Exchange Commission ... reopened the public comment periods for 11 Commission rulemaking releases ... due to a technological error.... The Commission is reopening the comment periods for the affected releases until 14 days following publication of the reopening release in the Federal Register.' The period (and mystery) has now ended. See the latest 'Comments on Money Market Fund Reforms.') See also, 'SEC Proposes Enhancements to Open-End Fund Liquidity Framework,' which proposes swing pricing for bond and stock funds."

Also, a sidebar, "Q3'22 Earnings: No Waivers," states, "Federated Hermes' Q3'22 earnings and quarterly earnings call discussed the end of money fund fee waivers, increases in retail money fund assets, pending money fund regulations and more. Federated's release explains, 'There were no material voluntary yield-related fee waivers during the quarter ended Sept. 30, 2022. During the nine months ended Sept. 30, 2022, voluntary yield-related fee waivers totaled $85.3 million.... During the three and nine months ended Sept. 30, 2021, voluntary yield-related fee waivers totaled $109.2 million and $310.2 million, respectively.'"

Another sidebar, "Chinese MF Developments," says, "Reuters writes, 'China Seeking to Curb Liquidity Risks in $1.4 Trln Money Market Fund – Sources.' They explain, 'Chinese regulators have urged money market fund managers to improve investor structure and ensure adequate holdings of liquid assets, three sources told Reuters, as authorities seeks to head off liquidity risks in the $1.4 trillion sector. Securities regulators have recently asked fund managers to prevent an excessive proportion of institutional investors in money market funds, the sources said. For those funds with more than 70% of assets held by institutions, fund managers must ensure that at least 20% of the money is invested in liquid assets, while bond durations must be kept within 70 days.'"

Our November MFI XLS, with October 31 data, shows total assets increased $42.2 billion to $5.073 trillion, after increasing $1.7 billion in September, $2.3 billion in August, $26.0 billion in July and $31.9 billion in June, but decreasing $10.7 billion in May and $74.3 billion in April. MMFs increased $24.1 billion in March, decreased $34.6 billion in February and decreased $128.1 billion in January. Assets increased $104.6 billion in December and $49.7 billion in November. Our broad Crane Money Fund Average 7-Day Yield was up 32 bps to 2.74%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 22 bps to 2.85% in October.

On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 both were both higher at 3.10% and 3.06%, respectively. Charged Expenses averaged 0.39% and 0.26% for the Crane MFA and the Crane 100. (We'll revise expenses on Tuesday once we upload the SEC's Form N-MFP data for 10/31/22.) The average WAM (weighted average maturity) for the Crane MFA was a record low 16 days (down 2 day from previous month) while the Crane 100 WAM decreased 2 days to 15 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

Oct 17
 

Crane Data is preparing for its next live event, our "basic training" Money Fund University, which will take place December 15-16, 2022 at the Hyatt Regency in Boston, Mass. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics, but this year's event will feature a slightly higher level "Master's in Money Markets" agenda. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers, and the Boston show will include a Holiday cocktail party and a free training session for Crane Data clients. We review the MFU agenda and some other upcoming conferences, below. (We hope to see many of you at the AFP Treasury show in Philadelphia next week too -- visit us at booth #458!)

Money Fund University offers a 2-day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Registrations are $750 are still being taken, and the latest agenda is available here. (E-mail us to request the latest brochure, and make your hotel reservations soon!)

The morning of Day One (12/15/22) of the 2022 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane of Crane Data; The Federal Reserve & Money Markets with Katie Craig of BofA; Ratings, Monitoring & Performance with Kimberly Green of Fitch Ratings and Marissa Zuccaro of S&P Global; and, Instruments of the Money Markets Intro with Teresa Ho of J.P. Morgan Securities.

Day One's afternoon agenda includes: Repurchase Agreements with Chris Clarke of J.P. Morgan Securities; Treasuries & Govt Agencies with Sue Hill of Federated hermes and Matt Lachance of TD Securities; Tax-Exempt Securities & VDRNs with John Vetter of Fidelity Investments; Commercial Paper & ABCP with Rob Crowe of Citi Global Markets and CDs, TDs & Bank Debt with Vanessa McMichael of Wells Fargo Securities; and, Credit Analysis & Portfolio Management with Sean Lussier and Peter Hajjar of State Street Global Advisors.

Day Two's (12/16/22) agenda includes: Money Fund Regulations: 2a-7 Basics & History with Brenden Carroll of Dechert LLP and Jamie Gershkow of Stradley Ronon; Money Fund Regulations: Latest 2a-7 Changes with Jon-Luc Dupuy of K&L Gates LLP and Brenden Carroll of Dechert LLP; European MMF Reforms & Offshore Funds with John Hunt of Sullivan & Worcester LLP, Barry Harbison of HSBC Global AM and Peter Crane of Crane Data; and Money Fund Data & Wisdom Demo/Training with Peter Crane. The conference ends with its annual MFU "Graduation" ceremony (where diplomas are given to attendees).

New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Attendee registration for Crane's Money Fund University is just $750, exhibit space is $2,000, and sponsorship opportunities are $3K (Bronze), $4K (Silver), and $5K (Gold). A block of rooms has been reserved at the Boston Hyatt Regency. (Please reserve before 11/16.)

We'd like to thank our past and pending MFU sponsors -- Dreyfus/BNY Mellon, J.P. Morgan Asset Management, Fitch Ratings, TD Securities, S&P Global Ratings, Dechert LLP, BlackRock, Fidelity Investments, K&L Gates, Federated Hermes, Credit Suisse and State Street -- for their support, and we look forward to seeing you in Boston in December. E-mail Pete Crane (pete@cranedata.com) for the latest brochure or visit www.moneyfunduniversity.com to register or for more details.

Crane Data is also preparing the preliminary agenda for our next Bond Fund Symposium, which will also be held March 23-24, 2023, at the Hyatt Regency in Boston, Mass. Our Bond Fund Symposium offers a concentrated program for fixed-income managers and dealers with a focus on the ultra-short segment. Registration for Bond Fund Symposium is $1000; exhibit space is $2,000 (includes 2 tickets); and sponsorship opportunities are $3K, $4K, $5K, and $6K. Our mission is to deliver the best possible conference content at a reasonable price to bond fund professionals and investors.

We'll also soon be making plans for our next "big show," Money Fund Symposium, which will be held June 21-23, 2023, at the Hyatt Regency in Atlanta. (Let us know if you'd like details on speaking or sponsoring.) Also, mark your calendars for next year's European Money Fund Symposium, which will be held Sept. 25-26, 2023, in Edinburgh, Scotland. Watch for details on these shows in coming weeks and months.

Also, money market mutual fund distributors and cash managers will be travelling to Philadelphia, Pa. for AFP 2022, the Association for Financial Professionals' big annual gathering of corporate treasurers, which takes place October 23-25. AFP is the largest gathering of corporate investors in the country, attracting roughly 5,000 treasury management professionals, as well as a host of large banks and institutional money fund managers.

At AFP, sessions involving money funds and/or cash investing include: "Modernizing Liquidity And Investments For A Resilient Treasury," with American Honda Motor Company's Kimberly Kelly-Lippert, MetLife's Thomas Lenahan, ICD's Sebastian Ramos and Kyriba's Bob Stark; "Global Insights And Best Practices In Short-Term Investment Policies And Thinking?" with Citibank's Steven Kraus, Hitachi Vantara LLC's Catherine Fields and AMG Advanced Metallurgical Group's Dan Chila; "Heave-Ho: Lifting Barriers And Creating Positive Social Outcomes Through Cash Investing" with Cabrera Capital's Robert Aguilar, SAP SE's Jerry Bernard, Navient Corporation's Scott Booher and BlackRock's Eion D'Anjou; and, "Navigating Transformation In The Liquidity Investment Ecosystem," with Morgan Stanley's Scott Wachs, AbbVie Inc.'s Timothy Kolenda, Comcast Capital Corporation's Roberta Eiseman and Autodesk Inc.'s Brandon Hillstead.

Finally, thank you once again to those who supported last month's European Money Fund Symposium, which took place Sept. 25-26 in Paris, France! Let us know if you'd like to see the binder from this show (available to clients only) or if you'd like more details on any of our events. We hope to see you in Philly next week, in Boston in December (or March), in Atlanta in June or in Edinburgh in September 2023!