Goldman Contract Renewed
The Trust for Credit Unions Mutual Fund Family renewed its annual contract with Goldman Sachs Asset Management, Callahan Financial Services announced April 13.
Goldman Sachs has served as the funds' only investment adviser since TCU's inception in 1987. There are 7,700 credit unions managing $282 billion investments in three funds, with durations from overnight to 1.8 years.
TCU Board Chairman Rudy Hanley, president & CEO of $8 billion SchoolsFirst FCU, said continuing share inflows and limited loan activity will increase demand for the investments.
"I think the TCU funds can play a major role in providing reliable investment portfolio options to credit unions," Hanley said.
Even in the most uncertain credit markets of the last two years, there has not been a time when the funds did not meet their daily price posting, said Jon Jeffreys, manager of CUFSLP, the fund administrator. CUFSLP is composed of 39 credit unions with Callahan Financial Services serving as the general partner.