Financial Times – 8/11/14

Michael Kastner, principal at Halyard Asset Management, says relationships with banks “are not nearly as close as they once were” given the shifting regulatory backdrop.

This has spurred Mr Kastner to hold “liquid” fixed-income securities – or those that can more easily be sold. He says he is steering clear of certain bonds, such as asset-backed instruments whose so-called secondary markets are not deep.

“When things get sloppy, it can be tough to get out of certain fixed- income products,” says Mr Kastner.

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