← Journal
Product
4 min read
Why we hold bills in your name, not in a fund
A money market fund owns the bills and you own shares of the fund. We think your company should own the bills directly. Here is why.
Written by
Ines Moreau
Head of Compliance
Rates and figures are as of the date of publication. Nothing here is investment advice.
Ownership you can point to
Every bill we buy for you is held at a qualified custodian in a segregated account titled to your company. Your holdings file lists each CUSIP, face value and maturity. There is no pool to be diluted and no share price to watch.
What happens if we disappear
If Knurla ceased to exist tomorrow, your bills would still be sitting in your account at the custodian. You, or a new adviser, would instruct the custodian directly. We designed it that way on purpose, and it is the first thing our auditors checked.
Questions about this note?
Our treasury team answers the phone on weekdays from 8am to 7pm Eastern, and the people who write these notes are on that team.
More from the journal
Keep reading.
Markets
The front end of the curve, September 2026
Four-week bills still pay more than one-year bills. What a gently inverted front end means for where we place your cash this month.
Company
Knurla passes $4 billion in client reserves
Eighteen months after our first sweep, more than 1,400 companies keep part of their runway with us. Here is what they taught us.
Guides
How a 13-week T-bill actually earns interest
Treasury bills pay no coupon. You buy them at a discount and get the full face value at maturity. Here is the arithmetic, step by step.