The Trust for Credit Unions is making a bid for some of the investment business it said will be made available as Western Bridge does an early redemption of more than $4 billion in CDs by Oct. 3.
TCU said it has three non-callable mutual funds currently holding more than $1.2 billion in assets. Durations range from overnight to two years.
“The funds have a 20-year track record, so that investors can see each fund’s performance in all market conditions. The entire portfolio of each fund is published monthly right down to the individual security level on our website,” said Jon Jeffreys, executive vice president of the CUSO that created and administers the funds, Callahan Credit Union Financial Services Limited Partnership.
The CUSO is a partnership of 37 credit unions with Callahan Financial Services, the fund’s distributor and a subsidiary of Callahan & Associates, serving as the general partner.
Goldman Sachs Assets Management is the investment advisor. The funds have a board of trustees comprising Rudy Hanley, CEO of SchoolsFirst FCU; Stan Hollen, CEO of CO-OP Financial Services; Gary Oakland, CEO of BECU; Gene O’Rourke of O’Rourke and Associates; Jim Barr, formerly with CUNA in Washington, D.C.; Bucky Sebastian, CEO of the National Credit Union Foundation; Robert Coen of Northwestern University, and Joe Peek of the University of Kentucky.
The NCUA has said it plans to hold a meeting for potential bidders for Western Bridge the week of Oct. 3.
