“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.”

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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What was described

targeted institutional bank-trust departments rather than retail customers when passbook rates fell below market rates

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