How I Invest with David Weisburd · E449: Federated Hermes CEO on $400 Billion in Cash, the Private Markets Boom, and AI
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sold money market funds to bank trust departments as a cash-management service
“When interest rates went below passbook rates, we found out that we could really do well selling money market funds to bank trust departments because it was a cash management service.”
“We’re set up as a broker-dealer, majority of deposits are actually held not in a bank's balance sheet, but actually in securities and money market funds that the customer owns”
“Globally, the bond market actually is bigger than the entire banking system as well.”
“Our marketing for our business does really, really well is we just have one department. Like marketing and sales are essentially the same department.”
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