Fund cash forecasting that funds every shortfall before the cut-off and shows each PM signed investable cash by 9 a.m.
No planned overdrafts, less idle cash, and investable cash every PM trusts by 9 a.m.
See one case, screen by screen ↓Fund cash forecasting projects each fund's cash, by currency and by day, from settling trades, subscriptions and redemptions, income, fees, FX and notices, so treasury can fund shortfalls before the cut-off and tell portfolio managers how much cash is investable. Fund Cash Forecasting is cash forecasting software for fund treasury: six agents read every flow, build a cash ladder per fund and currency to T+5, tie it to the custodian and propose each funding, while people approve, release and sign.
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Every morning fund treasury has to tell each portfolio manager how much cash is investable without any account going overdrawn in the next five business days, in every currency the fund holds. The answer, treasury cash forecasting for every fund, is still built by hand: custodian and sub-custodian statements, settling trades and amendments from the order management system, transfer agent dealing files, income and fee schedules from portfolio accounting, FX forwards and share-class hedge rolls, margin calls, and capital call and distribution notices in the general partner's language — pulled into spreadsheets one fund at a time, by a desk that also books the FX.
Under US T+1 the clock is short. After the US close a fund can have as little as two hours to get a trade's FX into CLS, and a shortfall seen at 11 a.m. is already an overdraft when the currency's cut-off was 10:30. For a UCITS an overdraft is borrowing, and the UCITS borrowing limit in Article 83 allows it only temporarily and up to 10% of assets; under section 18(f) of the Investment Company Act a US open-end fund may borrow only from a bank, with 300% asset coverage. And because PMs do not trust a number that arrives late or unsigned, they keep buffers — cash drag that never shows up as a line item.
Estimated split of analyst hours for one desk's morning, by hand and with the solution.
Six agents read, ladder, check and fund every fund's cash; analysts approve, operations release, the lead signs.
Monday, October 19, 2026, 9:11 a.m. in New York. Quillfield Capital's treasury runs cash for 140 funds — about $342 billion of fund net assets — in 25 currencies. One rung on one fund's ladder goes red, and here is what happens next, screen by screen, in the working solution.
Omar's Today screen opens on four numbers: 131 of 140 funds signed, 14 fundings to decide for $97.9M with the next cut-off at 10:30 a.m., 52 rungs below zero in 14 funds before funding, and $1.84B of idle cash above band. Under “Needs you” the first line is the Euro Credit Fund: EUR goes to −EUR 3.40M on Wednesday, and the FX agent proposes buying EUR 3,600,000 with idle USD. Beside it, what each agent did this morning, every line cited.
“Tied 608 of 612 opening balances to the custodians; 4 breaks, 3 explained” — Checker agent, 8:40 a.m.
Overnight the Intake agent read 9,214 trades, 2,880 transfer agent orders, 3,105 income and maturity lines, 948 fees and expenses, 1,412 FX and hedges, 512 corporate actions and 355 capital calls and distributions. Notices and statements in German, French, Japanese, Korean, Portuguese and Spanish sit beside their English reading: a German capital call from Rheinwald Wohnen Fonds III for EUR 8,750,000.00, value October 23. The Straits Fund Services file is late, so six Singapore funds run on labeled 5-day pattern estimates, chased at 8:00 and 8:45 a.m.
The Intake agent never edits a source; an unreadable value is marked and handed to an analyst.
Quillfield Euro Credit Fund — a Luxembourg UCITS, NAV EUR 412.6M, PM Camille Duret, custodian Ashcombe Custody — has three ladders: EUR, USD and GBP, one rung a day from Monday to the following Monday, drawn against the overdraft floor and the target band. The ladder was signed at 9:00 a.m. The banner says it plainly: EUR goes to −EUR 3,399,916.18 on Wed Oct 21, with 1 h 19 min left before the 10:30 a.m. cut-off.
“Wednesday's EUR rung closes at −EUR 3,399,916.18” — Forecast agent, 8:31 a.m., confidence 98%
As booked now, Wednesday opens at EUR 3,955,883.82 from Tuesday. Two outflows settle the same day: a redemption of EUR 5,100,000.00 from one institutional holder of share class I-EUR, cited to the dealing file, and the Halvorsen Grid 3.875% 2030 purchase for EUR 2,255,800.00, cited to OMS ticket T-88213407. The FX agent's proposed EUR 3,600,000 sits on the rung as a line of its own, marked “Proposed · needs approval”.
Opening the citation shows the source itself: Lumen Transfer Agency's dealing report, LTA_QFSICAV_DEAL_20261019_0738.csv, row 214 of 1,962, received at 7:38 a.m. ET by SFTP. The raw passage sits above the plain reading — a redemption of 4,950 shares dealt October 19 at the NAV of EUR 1,030.30, EUR 5,100,000.00 to be paid on Wednesday, status confirmed — with the rows around it.
“Read-only copy kept with the forecast for 7 years.”
FX-1019-001: buy EUR 3.60M, sell USD 3.90M at 1.0842, value Wed Oct 21 through CLS. The FX agent recommends FX from idle USD — the USD account is above its band, and the spread costs about USD 780. A transfer from the GBP account is not enough; a custodian overdraft is not allowed under treasury policy 4.2, and for a UCITS it would be borrowing; moving the Halvorsen purchase needs the PM. Omar asks why this amount, and the agent answers: it brings Wednesday to EUR 200,083.82, just above the EUR 200,000 band floor, rounded to the dealing size.
The FX agent never books, approves or releases, and never proposes a planned overdraft.
Omar approves at 9:12 a.m. with the reason code “Fund a projected shortfall”. At USD 3.9M the funding is under $10M, so no second approval is needed. Nadia Brooks in payment operations releases it to Ashcombe Custody at 9:15 a.m. against the verified standing instruction; the Checker agent sees the custodian's MT300 match, Wednesday is back inside its band, and the ladder is re-signed with the release on it.
“Funded. FX-1019-001 released by Nadia Brooks at 9:15 a.m. Every rung is above the overdraft floor; investable cash is updated for Camille Duret.”
Nordic Equity's NOK account does not tie: book NOK 14,728,110.94, custodian statement NOK 11,778,110.94, a difference of NOK −2,950,000.00. The Checker agent could not match it, so the fund is one of the nine left unsigned. Asked to test it against Friday's findings, it answers that the difference equals the securities lending recall fee and collateral return the Variance agent found, not yet booked in portfolio accounting, and proposes the custodian balance at 93% confidence. The cash management lead decides which balance to use, with a reason.
Camille's view lists her seven funds, signed figures only. Euro Credit shows EUR 0 at the band floor on Wednesday, USD 2.72M and GBP 564K investable, and a note that the EUR funding was released at 9:15 a.m. The Global Bond Fund (USD Hedged) is still being checked, so it keeps Friday's signed figures. She asks if she can buy EUR 2M of a bond settling Thursday; the Forecast agent says not from euros alone, and that a planned trade sent to treasury gets a drafted FX funding for treasury to approve.
The Reporting agent never shows an unsigned figure to a PM.
Friday's forecast against actual: 597 of 612 ladders inside tolerance, 13 of the 15 misses explained with their source — a trade amended after the 6 p.m. forecast, a dividend paid net of 10% withholding, a failed delivery — and 2 open, each with an owner, due at 12:00 p.m. The Variance agent proposes two rules with back-tests, such as forecasting foreign dividends net of treaty withholding. Only Marcus Whitfield, the head of treasury, can turn a rule on.
R-08 back-test: pattern error on late Singapore files falls from 31% to 12% (Aug 3 to Oct 16).
The same Monday morning, seen by five of the people who carry it — what it looked like, and what it looks like now.
Six agents read, ladder, check and fund every fund's cash; analysts approve, operations release, the lead signs.
Reads every flow overnight and through the morning — order system trades and amendments, transfer agent dealing files, income, expense and maturity schedules, FX and hedge rolls, margin calls, custodian and sub-custodian statements (camt.053, MT940 and PDFs in local languages) and private-markets notices — keeps the original passage with every value and chases late files.
Builds one cash ladder per fund and currency from today to T+5, every line cited; labels estimates from the dealing pattern or a PM's planned trade with method and confidence, and re-runs when a file lands, an amendment arrives or a PM adds a trade.
Ties every opening balance to the custodian statement to the cent and tests each ladder for arithmetic, duplicates, stale statements and cash sitting in the wrong account, proposing which balance to use and why.
Plans a funding for each rung below its band floor before that currency's cut-off — FX from the fund's own idle cash, a transfer between its accounts, a facility draw, or asking the PM to move a trade — and explains the choice and the options it ruled out.
Compares yesterday's forecast with the custodian's actual cash for every ladder, finds and cites the cause of each miss outside tolerance, assigns what it cannot explain, and proposes a rule with a back-test when a cause repeats.
Publishes each PM's signed investable cash for their own funds once the cash management lead signs, and prepares the overdraft and cash drag report for the treasury committee and the audit pack.
Maker, checker, release, sign. The agents propose; a named person decides.
Every screen has a box to ask the agents or tell them what to do. Answers come from the ladder and cite their source; nothing moves until a person approves it.
Why is Wednesday short?
Two outflows settle on Wed Oct 21: the redemption of 4,950 I-EUR shares at EUR 1,030.30, EUR 5,100,000.00, from one institutional holder, and the Halvorsen Grid 3.875% 2030 purchase, EUR 2,255,800.00. Tuesday closes at EUR 3,955,883.82, so Wednesday ends at −EUR 3,399,916.18.
Why not use the GBP or an overdraft?
The GBP account holds GBP 614,150.00 on Wednesday, about EUR 0.7M: not enough. A planned overdraft is not allowed under treasury policy 4.2, and for a UCITS it would be borrowing, temporary only and capped at 10% of assets. The USD account is USD 420,118 above its band; selling USD 3,903,120.00 leaves USD 3,438,598.45, inside the band.
Can I buy EUR 2M of a bond settling Thursday?
Not from euros alone: Thursday's EUR rung is EUR 376,433.82 with the funding, so a EUR 2M purchase takes it to −EUR 1.62M. The USD account has USD 2.72M investable, so treasury can fund it with FX. Send it as a planned trade and the FX agent drafts the funding for treasury to approve.
Why was the KRW cut-off missed on Oct 8?
Hangeul Day closed Seoul on Oct 9, so the Korean sub-custodian brought its KRW deadline forward to 5:00 p.m. Seoul; its notice arrived after the build. Asia Pacific Equity drew one day on its committed facility instead of running an overdraft. Rule R-04 now funds restricted currencies a business day earlier.
13 screens from the working solution, on its sample data. Pick one to see it large.
Thresholds, bands, cut-offs and escalations are settings: proposed by the administrator, approved by the head of treasury, versioned and logged.
| Setting | Default | Choose from |
|---|---|---|
| Second approval above | $10,000,000 equivalent | Treasury policy 4.4 · change proposed by the administrator, approved by the head of treasury |
| Bulk approval allowed | Under $10M and agent confidence ≥ 95% | Anything else is skipped with its reason |
| Agent confidence floor | 80% | Below it the agent names an owner, not an answer |
| Variance tolerance | USD 25,000 equivalent or 0.02% of NAV | Whichever is larger |
| Default band, base currency | 0.05% to 1.0% of NAV | Per-fund overrides (38 today); other currencies USD 250,000 to USD 1.5M equivalent |
| Money market fund band | 2% to 10% of NAV | Set for Rule 2a-7 liquidity |
| UCITS borrowing guard | Alert at 2% of NAV; never plan above 0 | Article 83: temporary borrowing only, up to 10% |
| Funding to decide | 60 minutes before the cut-off | Analyst at 60 minutes, the lead at 30, the head of treasury at 15 |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample fund data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures and rules (CLS, Shaping FX 06 — as little as two hours to fund a US T+1 trade's FX; EFAMA note on US T+1 — 43% of equity funds domiciled in Europe hold US securities; UCITS Directive Article 83 — temporary borrowing up to 10% of assets; Investment Company Act §18(f) — bank borrowing with 300% asset coverage; SEC T+1 adoption, February 15, 2023). People, firms, funds, issuers and counterparties named on this page are fictional — characters and sample data in the working solution.
Fund cash forecasting projects each fund's cash, by currency and by day, from settling trades, subscriptions and redemptions, income, fees, FX and notices, so treasury can fund shortfalls before the cut-off and tell portfolio managers how much cash is investable. Fund Cash Forecasting is cash forecasting software for fund treasury: six agents read every flow, build a cash ladder per fund and currency to T+5, tie it to the custodian and propose each funding, while people approve, release and sign.
A cash ladder shows a fund's projected cash balance in one currency for each settlement day — here from today (T) to T+5 — drawn against an overdraft floor and a target band. Each rung opens into the flows behind it, each with its source, and estimates are labeled with their method and confidence. The signed ladders are the morning cash ladder report that each PM's investable cash comes from.
The FX agent plans every shortfall against that currency's cut-off from a calendar of 25 currencies with the custodian FX desk's cut-off time for each and its settlement route: CLS, gross, or a local sub-custodian for restricted currencies. Fundings are listed by cut-off with the time left, and an undecided funding escalates from the analyst to the lead and the head of treasury as the cut-off nears.
Fund overdraft management starts with never planning one: the FX agent never proposes a planned overdraft, and funds a shortfall from the fund's own idle cash, a transfer between its accounts, a facility draw or a trade moved with the PM. A UCITS borrowing guard alerts at 2% of NAV and never plans above zero, since the UCITS borrowing limit in Article 83 allows only temporary borrowing up to 10% of assets.
In mutual fund cash management, cash drag builds up when PMs hold a buffer against a cash number they cannot trust. Here PMs see signed investable cash and idle cash above band for each fund by 9 a.m., so portfolio cash management starts from a checked number instead. On the sample firm the Reporting agent shows $1.84B of idle cash above band in 52 funds, down from $2.62B since PMs started getting signed investable cash at 9 a.m., and the overdraft and cash drag report goes to the treasury committee.
Yes. The Intake agent reads camt.053 and MT940 statements, sub-custodian PDFs and private-markets notices in their own language — German, French, Japanese, Korean, Portuguese and Spanish in the working solution — and every figure is shown beside its original passage and the English reading.
No. The agents propose, explain and cite; they never book, approve or release a funding, change a balance, sign a ladder or turn a rule on. A treasury analyst approves with a reason code, a second approver signs off above $10M, payment operations releases, and the cash management lead signs the ladders.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your treasury policy, cut-off calendars, account map and a sample of past statements, trades and dealing files — and it goes live once every quality gate has passed. The working solution includes a first-time setup that maps cash accounts to funds and runs in parallel with the spreadsheets before go-live.
Target 20–30% fewer fails, each fix cited and checked before the market’s cut-off.
1-min demoStandard Settlement Instruction ManagementEvery SSI change proven at the source and called back before a dollar moves.
1-min demoPosition and Cash ReconciliationEvery break explained from its source before the NAV is struck, every fix proved first.
1-min demoWe'll run Fund Cash Forecasting on a sample of your own statements, trades and dealing files.