WASHINGTON — The rapid buildup in liquidity has raised credit union investments in the Trust for Credit Unions money market portfolio to $1.047 billion 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."
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