Horizon Cash Management LLC

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Horizon Cash Management LLC
Founded 1991 (closed 2014)
Headquarters Chicago, IL
Key People Diane Mix Birnberg, Chairman, Founder; Michael Markowitz, President
Website www.horizoncash.com

Horizon Cash Management LLC was a Chicago-based investment advisory firm specializing in the managing of the cash portfolios for managed futures funds, hedge funds, family offices and institutional investors.[1] The company was founded in 1991 by Diane Mix Birnberg. Horizon closed on November 25, 2014. It had approximately $2.5 billion in assets under management in 2013, but at the time of the announcement of the closing that number was down to about $500 million. She said the firm’s assets under management peaked at about $3.7 billion in 2006.[2]

In the wake of several high profile futures commission merchant bankruptcies including MF Global and PFGBest, Horizon conducted a survey of commodity trading advisors (CTAs) and commodity pool operators (CPOs) titled The Aftermath of MF Global and Peregrine Financial Group Meltdowns: A Crisis of Trust. Most respondents believed there was a breakdown of audit procedures, and that better procedures are needed to safeguard customer funds.[3]

In June 2013, Horizon launched the Emerging Manager Fund Cash Account, a custodial account that provides small and emerging fund managers (between one and ten million dollars) with a safe alternative for cash balances that are in excess of margin requirements.

John Lothian News Interviews

Third-Party Custodians: Here, Hold On To This
Futures customers are still wondering just how their money can stay protected in the case of a default by their broker. While some solutions are still in the concept stage, others are available right now. Horizon Cash Management’s Michael Markowitz explains the third-party custodian model, whereby customers set up and manage excess margin at a bank outside the brokerage firm. Third-party custodial arrangements are available now and could be one way to restore customer confidence.

In this video, a simple animation and interview with Markowitz help explain the third-party custodian model.[4] Watch at JohnLothianNews.com


SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis
Michael Markowitz is chief investment officer at Horizon Cash Management LLC, an investment advisory firm specializing in the managing of cash portfolios for hedge funds, managed futures funds, family offices and institutional investors. Markowitz spoke with former John Lothian News Editor-at-Large Doug Ashburn about the SEC‘s decision in August 2012 to table proposed changes to money market fund regulations. Published August 30, 2012. Watch at JohnLothianNews.com[5]

Key People

References

  1. About Horizon. Horizon Cash Management.
  2. Horizon Cash Management to close. Pensions & Investments.
  3. "We've been Wronged". Futures Magazine.
  4. Third-Party Custodians: Here, Hold On To This. John Lothian News.
  5. SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis. John Lothian News.