PFM Asset Management to serve as Cash Pool Investment Consultant
May 12, 2008
(AUGUSTA) – State Treasurer David G. Lemoine announced today that PFM Asset Management has won a competitive bid to become the Investment Consultant for the State Cash Pool. PFM Asset Management LLC (“PFM”), http://asm.pfm.com , is a registered investment advisor focused on providing investment management and consulting services for public and municipal entities across the country.
PFM actively manages $32.2 billion and provides investment consulting on an additional $15.8 billion. They have investment advisory clients in 29 states and manage separate accounts for over 300 public sector clients and provide investment management services for approximately 5,700 additional clients through commingled state-wide investment pools.
Whenever there is money in the State Treasury that is not needed to meet current obligations, the Treasurer of State invests those amounts as authorized by State law. The cash pool contains 110 state funds (including the General Fund, Highway fund, other state funds and component units). The average daily balance of the cash pool is approximately $650 million.
Lemoine noted, “PFM has a 28 year track record of an investment approach that emphasizes safety and liquidity and has never purchased a security for a client that has realized a loss of principal or interest through default. We are joining a number of large public entities that recently have turned to PFM for advice.”