This document summarizes Money Fund Transparency, a web-based platform by Clearwater Analytics that provides investors greater visibility into money market funds. It allows investors to view various fund metrics and holdings. The document outlines key features of the platform and notes major institutional investors found it useful and would prefer funds that participate. It describes benefits to funds of participating, including satisfying regulatory requirements and differentiating from competitors. Clearwater Analytics aims to increase transparency in response to investor demands.
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Money Fund Transparency™
FULFILLING THE MARKET’S DEMAND FOR GREATER VISIBILITY INTO MONEY FUNDS
“A fund that participates in this initiative is sending a strong signal about their fund’s holdings and
risk profile, which provides me with an enhanced level of confidence in my investment decision.”
–Tim Muindi, Assistant Treasurer at VeriSign, Inc.
What is Money Fund Transparency™?
Money Fund Transparency™ is an easy-to-use, web-based platform that Key Features
provides investors with a clear and timely understanding of money funds by
providing instant access to a variety of analytics, metrics, and other informa- asset Type Interest Rate Sensitivity
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tion on the assets within the fund. Money Fund Transparency reporting is ac-
Performance Comparison
cessible 24/7 via several distribution channels including the websites of the
participating funds, the industry’s top money fund portals, and the Clearwater qualitative analysis Credit Maturity
Analytics website.
country concentration Sectors
repo collateral Maturity Schedule
ABCP sponsor, credit, and liquidity
detail commercial paper allocation
download capabilities Yield contribution
historical yield and return information
holdings with numerous security characteristics
Counterparty risk credit quality
“Outstanding tool. We had an
internal discussion...and it was
a unanimous decision that the
majority, if not all, of our [money
fund] holdings will go to funds that
participate.”
– Assistant Treasurer, Fortune 500 company
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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com
2. Fund Companies Participating in Money Fund Transparency will be positioned to:
1. Satisfy the SEC’s regulatory disclosure requirement of posting portfolio holdings information to a public
website
2. Satisfy the SEC regulatory requirement 30b1-6 Money Fund Portfolio filing (form N-MFP) including data
transmission of the report in the standard, required format
3. Satisfy the standard required format and frequency for ongoing fund monitoring activities as determined by
Standard & Poors, Moody’s Investor Services, and Fitch Ratings as applicable
4. Generate other internal asset manager reports, such as board reports (additional fees may apply)
5. Streamline in-house reporting and filing with a more cost-effective, outsourced solution
6. Provide clients and prospects with enhanced reporting and powerful analytics
7. Differentiate from the competition by providing transparency and timely updates into the underlying
investments
8. Gain immediate and ongoing market awareness and respect through demonstrated market leadership
9. Contribute to Assets Under Management (AUM) growth
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Recently, the following institutional investors participated in a survey about Money
Fund Transparency:
Oracle Electronic Arts Intuit VeriSign QUALCOMM Yahoo! 3M Western Union
What they said...
9.23
In comparison to the reporting you are currently receiving on money funds, most useful
how useful will the reporting provided via Money Fund Transparency be to 1 2 3 4 5 6 7 8 9 10
you?
8.38
Assuming you were choosing between two similar funds—one that partici-
most likely
pates in Money Fund Transparency and one that doesn’t—how likely would
1 2 3 4 5 6 7 8 9 10
you be to invest in the fund that participates in Money Fund Transparency?
Why partner with Clearwater Analytics?
Clearwater Analytics is a recognized leader in web-based, investment portfolio reporting. Powered by advanced technology,
Clearwater Analytics provides reporting solutions for over 2,000 institutions and over $400 billion in investments
today. Corporate operating funds, insurers, investment managers, family offices, endowments, foundations, and central
banks are satisfied users of Clearwater Analytics (see sample client list at www.clearwateranalytics.com). In addition to
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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com
3. direct distribution, Clearwater Analytics reporting solutions are distributed
to investors worldwide through custody banks, asset managers, and money CLEARWATER FUND
fund portals. WEBSITE WEBSITE
As the market leader in creating, enhancing, and distributing state-of-
the-art investment reporting solutions, Clearwater Analytics is optimally
positioned to provide the market with a best-in-class reporting solution for
money funds. Money Fund Transparency™
Why has Clearwater Analytics developed Money Fund
FUND
Transparency? PORTALS
Investors have been requesting enhanced transparency into money funds.
In response to investor feedback, Clearwater Analytics collaborated with Accessible via the Clearwater Analytics website,
fund website, and a variety of money fund portals.
investors, partners, and industry professionals to deliver Money Fund
Transparency.
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WITHOUT Money Fund Transparency WITH Money Fund Transparency
Lack of transparency and confidence Meaningful transparency = confidence
Not timely Timely
Apples to oranges reporting Apples to apples reporting
Manual Automated
Confusion Clarity
Additional value built in: marketing, sales and support
Participation in Money Fund Transparency provides several opportunities to create meaningful investor awareness. Clearwater
Analytics will partner in promoting participation. Some of the tools and support participants will receive include the following:
Relationship management – Clearwater Analytics’ relationship management team will personally communicate to clients about par-
ticipation in Money Fund Transparency.
Referral sharing – In addition to ongoing referrals, participants will be given a list of institutions and contacts that have expressed
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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com
4. interest in speaking with participants of Money Fund Transparency.
Targeted Email – Clearwater Analytics will send notification of participation in Money Fund Transparency to its clients, prospects,
and partners.
Press Release – Clearwater Analytics will publish a joint press release via a variety of media outlets formally announcing participation in Money
Fund Transparency.
Website announcement – Clearwater Analytics will prominently announce participation in Money Fund Transparency on its website, which is
the same website where Clearwater Analytics clients log in to their investment accounts.
Joint visits – Clearwater Analytics will support joint sales calls with clients, prospects, and other parties.
Media/Press opportunities– The following media sources, Financial Week, The New York Times, Treasury & Risk, iTreasurer, Money Fund Intel-
ligence, Money Market Insight, Ignites, and PBS’ Nightly Business Report have covered Money Fund Transparency. Clearwater continues to
pursue press opportunities and expect future coverage.
Ongoing awareness – Participant’s branding will be included in general Money Fund Transparency marketing material, announcements, and com-
munications.
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What participants receive:
Best-in-class reporting Improved client satisfaction
Separation from competition PR opportunities and media coverage
Early adopter advantage Enhanced distribution
Tools to create investor awareness Partnership with industry-leading
and interest reporting expert
Vehicle to “tell participant story” in a powerful Ongoing enhancements to Clearwater’s
and easy-to-digest format money fund reporting solutions
Strategic offering designed to increase
Referrals of interested investors
assets under management
Pricing:
Pricing is simple and based on a flat fee at the fund-complex level that includes any and all 2a-7 registered
funds. Pricing factors include number of funds, total AUM and data feeds.
Certain money fund reporting solutions may be treated as legitimate fund expenses.
Fund managers should consult with their legal counsel and fund boards.
Going live is as easy as… 1. Agree to Terms 2. Load Data 3. Launch
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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com