Microsoft goes out of house to invest
SeattlePI | at | by Mike
Microsoft now invests about a third of its $45 billion in cash through outside advisers, having begun moving away from in-house money management three years ago. Microsoft gave several million dollars in 2000 to Deutsche Bank to invest in a portfolio of stocks mimicking the S&P 500 Index, Microsoft treasurer Brent Callinicos said yesterday.
The company now invests about $15 billion with Deutsche Bank, Black Rock Inc., Goldman Sachs Group Inc. and other managers. It also is buying foreign-government bonds. Callinicos said Microsoft has accumulated cash because there aren't many software companies to buy and the company is wary about making big acquisitions because of its antitrust settlement with the U.S. Justice Department.