Nafis Smith | Source | Head of Taxable Money Markets at Vanguard
Nafis Smith
Nafis T. Smith is a Senior Portfolio Manager and leads Vanguard’s Taxable Money Market Group, which is responsible for managing $460 billion in assets. Mr. Smith joined Vanguard in September of 2003, and has worked in the Fixed Income Portfolio Management Group since 2005.
Mr. Smith earned a Master of Business Administration in Finance and Strategic Management from The Wharton School at The University of Pennsylvania and a Bachelor of Arts in Economics from Cornell University
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Encouragingly, volumes have since recovered above their long-term averages, leading some analysts to play down the episode’s severity.
“This comes nowhere close to what we saw in 2020,” said Nafis Smith, head of Vanguard’s taxable money markets group.
Still, regulatory scrutiny that cropped up regarding prime funds in the aftermath of the 2008 financial crisis persists
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Nafis Smith, head of Vanguard’s taxable money markets, said, "Money market funds are typically used as a short-term savings instrument, an emergency reserve or general allocation to cash."
"Historically, when the Fed is raising rates, bank deposit rates will adjust much more slowly than will a money market fund’s rate," he added. "From that perspective, you might be better off with a money market portfolio."
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Vanguard
Head of Taxable Money Markets