Home > News > Corporate Moves > Julian Mund Named New PLSA CEO
Corporate Moves

Julian Mund Named New PLSA CEO

Acting chief executive replaces Joanne Segars, who resigned in April.

By Michael Katz

Photo of Julian Mund from LinkedIn

The UK’s Pensions and Lifetime Savings Association (PLSA) has named Julian Mund as its new chief executive effective August 1.

“We considered who would be the most appropriate fit for the role as well as consulting our strong succession plans, and Julian’s appointment is a result of those,” said Lesley Williams, current chair of the PLSA, in a statement. “He has successfully led the PLSA team during a very uncertain time, ensuring stability and the continuity of our work.”

Mund is currently the acting CEO, and has been the PLSA’s commercial services director since 2013. He replaces Joanne Segars, who announced her resignation in April to pursue a portfolio career.

“As chief executive, I want us to champion and focus on the areas that matter most to our members, and help us to provide a strong foundation for people’s retirement income,” said Mund in a statement.

For more stories like this, sign up for the CIO Alert newsletter.

Mund, who has been credited with growing the PLSA’s commercial income by 29%, previously worked at the Chartered Institute of Public Finance and Accountancy (CIPFA) for 16 years, where he was most recently director of markets and product development. Prior to that, he worked at the Institute of Public Finance for 10 years.

Mund has a degree in mathematics from London University and a master’s degree in policy research from Bristol University. He is a Fellow of the Royal Statistical Society and a Member of the Institute of Directors.

The PLSA’s members include more than 1,300 pension plans with 20 million members and £1 trillion in assets ($1.3 trillion).

Tags: , ,

Home > News > Research > AFP: Prime Money Funds Hurt by SEC’s Money-Market Fund Reform
Research

AFP: Prime Money Funds Hurt by SEC’s Money-Market Fund Reform

Firms’ short-term cash holdings have moved away from money-market prime funds towards government funds.

By Poonkulali Thangavelu

Nearly a year after the Securities and Exchange Commission (SEC) implemented money-market fund reform rules, corporate finance professionals are backing away from prime money funds, according to a report from the Association for Financial Professionals (AFP). SEC rules for reforming money market funds went into effect in October 2016. Among other changes, the new rules don’t require prime institutional money market funds to maintain a steady value, and their net asset values can now float.

The Bethesda, Maryland-based trade association for corporate finance professionals reports that its April 2017 AFP Liquidity Survey, underwritten by State Street Global Advisors, of 638 finance professionals reveals that businesses prefer to keep 53% of their short-term investments in bank deposits, with an emphasis on the safety of their principal.

In fact, 67% see safety as their most important goal for their short-term investments, and they consequently favor bank deposits, money-market funds, and Treasuries to hold 76% of their short-term cash holdings. To the extent they consider money-market funds as a short-term outlet, their allocations have moved away from prime funds, towards government funds.

“Money fund reform continues to have adverse impacts on institutional investors, depriving them of a proven, effective cash management tool. The flight from prime funds is also starving the economy of a critical source of short-term capital for large businesses,” said Jim Kaitz, AFP president and CEO. “Despite these changes, many businesses are expanding globally, increasing their cash flow, and beginning to make strategic investments to fuel future growth. These are positive developments for the economy.”

For more stories like this, sign up for the CIO Alert newsletter.

On a net basis, cash holdings were up at 14% of organizations in the last 12 months. Of these, 69% reported that this rise came about as a result of a higher operating cash flow. And for those who expect to increase their cash holdings in the coming 12 months, 79% also say this will come from increased operating cash flow.

And about one-third of those organizations that clamped down on their cash holdings in the last 12 months pointed to rising capital expenditures as the main cause, as do 39% of those who anticipate cutting down on their cash holdings in the coming 12 months.

Tags: , , ,

«