The Rise of Active Treasury Management

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What's Inside

How to use active treasury management to drive Alpha.

Hedge fund treasury management has traditionally been an operations function focused on cash management. The majority of funds have seen little reason to invest in optimising their treasury function as most are cash rich and have been posting little margin relative to their overall equity – in some cases lower than 30%. 

However, over the last decade, so-called ‘active treasury management’ has been pioneered by a handful of the top fixed income funds. 

Doing so, they are generating between 30 and 85 bps of additional return directly from treasury activities.

How does Treasury drive Alpha?

There are two sources of treasury alpha: unencumbered cash, and encumbered cash. We explore how both of these can give firms an edge.

How does Treasury enhance the funds liquidity?

Active treasury managers have implemented 3 key processes to enhance their funds’ liquidity in times of stress. We explain what they are.

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