Hazeltree Adds BlackRock Money Market Funds to LiquidityWeb Platform

Oct 11 2016 | 10:48pm ET

Integrated treasury management specialist Hazeltree has announced the addition of BlackRock money market funds to the growing list of partners on its new LiquidityWeb  next-generation integrated cash management and sweep platform.

The new partnership provides mutual clients an efficient way to manage cash and sweep unencumbered free cash to BlackRock money market funds, the company said in a statement. Instead of manual cash transfers with each counterparty, LiquidityWeb provides secure, automated, rules-based “sweep” access to a wide range of liquidity products through Hazeltree’s partner network. 

Due to new money market fund rules effective this month, hedge funds and other buy-side participants are facing an environment in which banks are urging them to move cash balances away from prime broker accounts. Hazeltree’s LiquidityWeb platform provides a straight-through process with preferred liquidity providers that seeks to maximize liquidity, increase yield and mitigate counterparty risk, the company said in a statement. 

Other members of LiquidityWeb include Goldman Sachs Asset Management, Senrigan Capital, JP Morgan and HedgeServ. More partnerships with major financial institutions and hedge fund industry players are planned, according to the company. 

BlackRock has more than $374 billion in global liquidity assets across multiple currencies as of June 30, 2016, Hazeltree said. The company’s partnership with BlackRock come at an ideal time to help hedge funds and other buy-side clients respond to the new money market fund reform rules scheduled to take effect in October for certain U.S.-domiciled money market funds

“Our partnership with Hazeltree reflects our commitment to helping our clients succeed in this demanding environment in their short-term investment needs," said Tom Callahan, head of BlackRock’s global cash management business. 

“We welcome BlackRock to our expanding partner network and look forward to collaborating with them to provide our clients money market fund products,” added Sameer Shalaby, President and CEO of Hazeltree.

Founded in 2009 and headquartered in New York, Hazeltree offers comprehensive treasury management solutions for hedge funds, fund administrators, managed account providers, pension funds, and insurance companies. The firm’s integrated platform includes comprehensive cash management, securities financing, OTC collateral management, counterparty management and margin management capabilities.

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