Corporate Assets in Money Market Funds Grew 38% Y/Y in 2019 on ICD Portal
San Francisco - ICD, corporate treasury’s trusted independent portal provider of money market funds and other short-term investments, closed 2019 with its strongest quarter ever, ending the year with 24% revenue growth. The Q4 average daily balance of corporate treasury investments on ICD Portal grew 38% year-over-year, outpacing the market’s 21% increase in institutional money market fund use tracked by the Investment Company Institute (ICI).
“Growth in assets as well as in the number of clients on ICD Portal demonstrates treasury’s need for greater access, visibility and control over cash and short-term investments,” says ICD Chief Executive Officer Tory Hazard. “Our growth confirms corporates’ preference for independent providers, unbiased fund selection, investment risk analysis and consolidated reporting. We will continue to deliver the leading-edge technology and excellent service the corporate investment community has come to rely on from ICD. It’s all we do.”
In 2019 ICD was recognized with Treasury Today magazine’s Adam Smith Award for Best Fintech Solution alongside Cisco for innovation of ICD’s AutoPay automated settlement solution. ICD was also named Best Portal Technology Solution by TMI magazine and received four patents during the year. In addition to its award-winning technology, ICD also has a reputation for excellent service, which has kept its client retention above 99%. ICD clients include the world’s largest corporations from the Fortune 1000 and FTSE 350.