WASHINGTON -- A surplus of liquidity in the credit union industry has helped to raise investments in the Trust for Credit Unions money market portfolio to $1.047 billion as of Feb. 15, 2008, up $687 million from the previous year, according to Callahan Financial Services, a subsidiary of Callahan & Associates.
TCU is a family of institutional mutual funds offered exclusively to credit unions. Callahan Financial Services is the distributor and Goldman Sachs & Co. is the advisor of the TCU mutual funds.
"Credit unions are staying very liquid due to concerns with the credit crunch," said Chip Filson, president of Callahan & Associates. "As credit unions look for opportunity in the current market, many investment managers are shortening their portfolios. Our Money Market fund has been the benefactor of the increased focus on short term investing."
Celebrating its 20th anniversary, the TCU mutual fund family was organized by credit unions to provide an option for diversifying their holdings of overnight and short-term funds from banks and the direct market.
--msamaad@cutimes.com
