NEW YORK (Reuters) – BNY Mellon (NYSE:BK) is expanding its offering of short-term investment products to help investors navigate the uncertain economic environment. The bank is now offering access to mutual funds, interest-bearing deposits and sponsored cleared repurchase agreement sweep products through its LiquidityDirect platform.
The offerings are geared at corporate treasurers seeking to maximize liquidity and mitigate counterparty credit risk. BNY currently oversees $1.3 trillion of cash investments across deposits, money market funds and other instruments, and manages $15 trillion in money-market transactions a year.
The rapid U.S. interest-rate increases, the regional banking crisis, and debt ceiling negotiations have prompted investors to seek safety and capital preservation. BNY’s platform is becoming a one-stop shop for clients to manage their cash, as some regional banks, a key source of market liquidity, undergo stress.
LiquidityDirect saw a 16% increase in money-market funds flows in mid-March, BNY data showed. The bank is helping investors to manage their liquidity based on the current market conditions and maximize their returns.