A release titled, "Jiko Expands Access to T-Bill Offering," tells us, "Jiko is bringing 24/7 liquid U.S. Treasury bills (T-bills) to Morgan Stanley Investment Management (MSIM), providing CashInvest by Morgan Stanley (CashInvest) clients access to automated direct T-bill ownership. CashInvest by Morgan Stanley is an institutional cash management platform used by treasurers and cash managers to consolidate global cash investing through a single online trading interface. The partnership gives CashInvest clients access to Jiko's T-bill offering as a new option. Jiko's offering is designed to provide direct ownership of T-bills, held in the client's name, without the manual work that investing in T-bills has traditionally required."
Jiko President Eduardo Vergara comments, "Every economic cycle tests how treasurers and institutional investors think about cash, and this one is no different. Professionals using CashInvest often seek to balance safety, liquidity, and yield. Integrating Jiko's solution into CashInvest gives them expanded options that may address their unique needs."
The release says, "Direct T-bill ownership has historically required treasury teams to select maturities, manage laddering, and handle reinvestment manually. Jiko's technology, operating through its FINRA-registered broker-dealer, automates all T-bill trading, including reinvestment at maturity, so cash stays fully invested and potentially earns the 'risk-free' rate often associated with T-bills, with the ability to make third-party payments built in."
Rick Wilkinson, Head of Global Liquidity Platform Development at Morgan Stanley Investment Management, adds, "CashInvest is designed to provide institutional clients with a thorough, centralized interface for cash investment options. Making Jiko accessible through CashInvest reflects our continued focus on expanding client choice."
An earlier release, "Jiko and BlackRock Cachematrix Introduce Direct T-Bill Ownership Collaboration Will Bring Investors Direct T-Bill Access," states, "Jiko is bringing access to its 24/7 liquid T-bill offering to BlackRock Cachematrix, one of the world's leading cash management portals, used by institutional investors across 7,000 accounts to manage and allocate operating and reserve cash. BlackRock Cachematrix users will have the ability to access the Jiko platform and earn the 'risk-free' rate in real time with direct U.S. Treasury bill ownership, giving them a way to hold cash that is liquid and earning yield at the same time, with individual ownership easily available from the workflow they already use."
Stephane Lintner, CEO of Jiko, says, "Treasurers have always had to trade off safety, liquidity, and yield when managing cash, and today's markets are making that trade-off harder to accept. There's no reason operational cash and excess cash should be treated differently. With Jiko, every dollar is safe, liquid, and earning yield at once. Now, Cachematrix clients will access Jiko from the same platform they already use to manage their cash every day."
Jon Steel, Head of Global Product and Platform, BlackRock Cash Management, comments, "BlackRock Cachematrix has always been about giving institutional cash managers the best possible toolkit for short-term liquidity. Offering connection to Jiko reflects what we're hearing from clients: they want direct access to additional investment choices, with the transparency and simplicity that direct T-bill ownership provides."
The release adds, "The demand is real, with 89% of corporate treasurers finding it valuable to hold cash directly in U.S. Treasury bills, while maintaining immediate liquidity for payments. Direct T-bill ownership gives investors full exposure to one of the safest assets available -- with complete transparency, constant liquidity, and a yield that reflects the 'risk-free' rate."
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Oct. 30) includes Holdings information from 41 money funds (down 33 from a week ago), or $3.010 trillion (down from $4.788 trillion) of the $8.358 trillion in total money fund assets (or 36.0%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our Oct. 13 News, "Oct. MF Portfolio Holdings: Assets Drop; Treasuries Plunge, Repo Rises.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.436 trillion (down from $2.205 trillion a week ago), or 47.7%; Repurchase Agreements (Repo) totaling $966.6 billion (down from $1.590 trillion a week ago), or 32.1%, and Government Agency securities totaling $385.6 billion (down from $562.0 billion a week ago), or 12.8%. Commercial Paper (CP) totaled $108.5 billion (down from $190.0 billion a week ago), or 3.6%. Certificates of Deposit (CDs) totaled $49.5 billion (down from $108.7 billion a week ago), or 1.6%. The Other category accounted for $30.1 billion or 1.0%, while VRDNs accounted for $33.9 billion or 1.1%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.436 trillion, Fixed Income Clearing Corp with $349.9B, the Federal Home Loan Bank with $270.2B, JP Morgan with $88.9B, Federal Farm Credit Bank with $72.9B, Wells Fargo with $58.4B, BNP Paribas with $53.3B, RBC with $52.7B, Citi with $51.0B and Goldman Sachs with $43.7B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($370.2B), JPMorgan US Govt MM ($350.6B), Fidelity Inv MM: Govt Port ($248.1B), Morgan Stanley Inst Liq Govt ($229.4B), State Street Inst US Govt ($187.7B), Fidelity Inv MM: MM Port ($159.2B), Dreyfus Govt Cash Mgmt ($157.7B), Fidelity Inv MM: Treas Only ($148.6B), First American Govt Oblg ($127.7B) and Allspring Govt MM ($113.7B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
