Research and Analysis

LGIPs Shun New Money Fund Liquidity Rule: What it Means for the Industry

By Marty Margolis on March 20, 2024

The big picture. A requirement that raises the liquidity threshold for money market funds under the Securities and Exchange Commission’s Rule 2a-7 is effective in early April. Local government investment pools are exempt from the rule and those that advertise they are “Rule 2a-7 like” have given no sign that they will follow this new […]

2024 Investment Environment: Treasuries on Top

By Marty Margolis on January 16, 2024

The year begins with a fresh look at the public funds investment universe. Since most public sector investment policies limit investments by maturity and quality we focus on the universe of high-quality investment grade securities with maturities of three years or less. Excluded are foreign-issued securities and corporate bonds rated less than A. The big […]

Cybersecurity: Board and Management Responsibilities in a Risky World

By Marty Margolis on October 19, 2023

October is cybersecurity awareness month. Public sector investment programs, no matter what their size, are a prime target for cybercrime. This research note focuses on the responsibilities of investment program managers (treasurers, chief investment officials and members of oversight boards) related to cybersecurity.

Public Sector investment Assets: Stability and Liquidity Prevail

By Marty Margolis on September 12, 2023

Investment assets of state and local governments have grown slowly in recent quarters despite a sharp rise in interest rates that adds income to portfolios at the highest rate in more than a decade. A Federal Reserve report, released last week, showed public sector investment assets at $3.7 trillion, almost unchanged from the level reported for March 31...

SEC Money Fund Reforms Raise Important Issues for LGIPs

By Marty Margolis on August 10, 2023

The SEC's recently adopted money fund reform rules should lead LGIPs to consider whether to make similar changes to their operations

Public Sector Financial Assets Continue to Grow, Even as the Economy Slows

By Marty Margolis on June 20, 2023

Covid-19 revenue and spending patterns fueled strong growth in public funds investment balances over the past several years, and recent Federal Reserve data show that investment balances continued to expand this year to $3.7 trillion as of March 31, 2023.

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Key metrics and trends in the public funds investment market.