FX hedging specialist, MillTech, has launched a new cash management solution, in partnership with BlackRock’s CacheMatrix, to help investment managers and global corporates optimise their excess cash.
Its solution automates cash investments and enhances returns through direct access to an integrated marketplace of tier-1 money market funds.
MillTech has experienced significant success in providing the investment community and global corporates with automated currency management and access to better FX rates. The firm, which has an average annual group trading volume of $500bn+, over 250 client entities and $28bn in group hedging programmes, has now set its sights on solving another key problem within treasury management: the operational complexity of optimising excess cash.
Enhancing multi-currency cash returns is a complex task. Fragmented systems, manual processes and limited automation make it difficult for treasury teams to track and manage global cash effectively. Maintaining multiple money market fund relationships adds to the operational burden, often resulting in underperforming idle cash sitting in a bank account.
MillTech’s new cash management solution enables clients to access the best available returns from multiple money market fund providers, while automating the trade lifecycle and providing complete cost transparency. The platform delivers streamlined onboarding and end-to-end automation, simplifying the investment process. Through a rules-based approach, MillTech enhances control and compliance, giving treasury teams added confidence in their cash allocation decisions.
The firm’s expansion into cash management is being led by two recent hires, Matthew Shapcott and Neil Gallacher. Prior to MillTech, Shapcott served as EMEA Head of GlobalLink Business Development at State Street and brings two decades of experience in the industry. Gallacher was formerly Senior Business Development Director and head of APAC for GlobalLink Fixed Income at State Street and brings nearly 15 years of deep expertise in money markets.
In addition, the firm has launched a new risk advisory platform, Co-Pilot, to enhance client decision-making, while evolving its brand to MillTech from MillTechFX to recognise its broader product offering.
Co-Pilot, a next-generation, AI-enabled risk advisory and calculation service, is designed to help clients efficiently manage their FX risk, optimise cash deployment and improve decision-making. Initial Co-Pilot features include a hedging simulator to model and test different FX hedging strategies in a simulated environment. It also features a carry-analysis tool to better monitor and understand the implications of interest rate differentials between two currencies in the context of FX hedging.
Eric Huttman, CEO of MillTech, commented: “The challenge of optimising cash returns to maximise yields whilst reducing operational burden is a problem we have been repeatedly hearing about from our clients. Money markets are vital for funds and corporates, ensuring liquidity, risk mitigation, and efficient cash management. Building on our success in the FX market, we’ve brought the same model to cash management: direct access to institutional-grade pricing from a marketplace of money market funds on a single platform, with best execution, full transparency, and frictionless transactions all embedded.
“Recognising the critical role of analysis and stress-testing in risk management as well as the power of AI, our Co-Pilot offering empowers users with actionable and explainable insight. By simulating different strategies and their financial impact, Co-Pilot helps firms optimise outcomes, minimise risk and make more confident decisions that directly help them protect their bottom lines.
“The expansion of our business and the evolution of our brand are natural next steps, driven by our success to date. We remain committed to continuous innovation to solve key problems in the treasury landscape, with exciting further developments on the horizon.”
Find out more about MillTech’s new offerings
