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External consultants recommend three-bucket asset allocation, investable benchmarks; identify legal limits on repurchase agreements
Summary
ULR consultants told the State Board of Finance they recommend a three-bucket strategic allocation (liquidity, buffer, long-term), simpler investable benchmarks tied to those buckets, and further buy-in from the Treasury team; they noted repurchase agreements may be precluded by law and could limit short-term investment options.
Consultants from the ULR investment team presented a near-complete set of recommendations to the State Board of Finance for how the Treasury should measure and manage fixed-income investments. The consultants proposed a three-bucket strategic asset allocation framework — a liquidity bucket, a buffer (short-to-intermediate maturities), and a long-term bucket — and recommended ‘‘investable’’ benchmarks that the Treasury could actually implement if it chose to do so. The…
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