Home

Investment strategy overhaul: how 3M improved its asset and liability management in volatile markets

Published: Sep 2025
Treasury Today Adam Smith Awards 2025

Best Investing Solution

Overall Winner

3M

Photo of Vikas Kapoor, J.P. Morgan Asset Management, Stephen Ross and Mary Sole, 3M and Catherine Otto, Kyriba.

Meindert de Vreeze

EMEA Treasurer

Stephen Ross

Treasury Centre Trading Lead

Ben Cowell

Capital & Funding Manager

Ben Suri

Director, Capital & Funding
3M logo

Ireland | USA

3M Company (originally the Minnesota Mining and Manufacturing Company) is an American multinational conglomerate operating in the fields of industry, worker safety and consumer goods.

in partnership with

J.P. Morgan Asset Management
Morgan Money by J.P. Morgan logo
Kyriba logo

The challenge

3M embarked on a global plan to enhance its treasury management, addressing the cash needs and liabilities embedded in its operations. The company sought to optimise investment strategies, manage short-term liquidity and enhance global treasury processes. Amid changing interest rate projections and market volatility, 3M needed a flexible investment approach to manage assets and liabilities and automate its treasury operations.

The solution

3M partnered with J.P. Morgan Asset Management to implement bespoke separately managed accounts (SMAs) and seamlessly integrate Morgan Money into treasury operations, together with the company’s strategic Kyriba treasury management platform.

Recognising the need to refine its investment policy in tandem with market dynamics, 3M demonstrated the ability to segment cash with global nuances. This strategic foresight led to the establishment of SMAs in both EMEA and the US, tailored to accommodate local regulations, risk tolerances and cash profiles. These accounts adeptly balance liquidity while strategically leveraging duration to match assets and liabilities. Simultaneously, the integration of Morgan Money with Kyriba granted full visibility of money market fund (MMF) balances across 20 providers worldwide. This integration, bolstered by the partnership with Clearwater Analytics, streamlined treasury operations and provided real-time insights and advanced analytics for informed decision-making.

The global treasury team at 3M, strengthened by expanded resources across multiple locations, was poised for success. However, any investment solution had to offer full transparency to stakeholders and be agile enough to pivot in dynamic markets. Kyriba’s integration allowed for comprehensive global transparency, enabling transatlantic approval processes and real-time data access to enhance decision-making. Beyond efficiency gains, the integration reduces manual intervention, mitigates time zone constraints and empowers 3M to utilise robust reporting tools to analyse patterns, assess risk and identify investment opportunities.

A combination of the SMA, 3M’s stringent treasury policy statement and the investment manager’s rigorous credit process facilitates the creation of robust investment policy statements (IPS) for each region. Tranche-based SMA funding provides the flexibility needed to manage liquidity, match assets and liabilities and accommodate SMA intra-day cash sweeps into MMFs for more immediate cash requirements.

The comprehensive approach to SMA implementation and Morgan Money’s integration with Kyriba enables 3M quickly to realise its vision of a holistic treasury management strategy. By harnessing cutting-edge technology and strategic partnerships, 3M achieves unparalleled efficiency, transparency and growth, positioning itself as a leader in sustainable financial management and innovation in a short period of time. This transformation not only addressed immediate challenges but also set a new benchmark for best practices in global treasury management.

Best practice and innovation

Setting up a system to manage investments across multiple entities with diverse liquidity needs – while remaining fully transparent and agile during significant market volatility – demonstrates 3M’s best practice. The creation of unique, multi-page IPS for each region set flexibility in the guidelines for SMAs, allowing for adjustment to changing liquidity profile. This was achieved through dedicated resources and ongoing risk management, with regular investment reviews built in for optimal cash investment visibility.

The simultaneous implementation of Morgan Money and its integration with Kyriba was pivotal, enabling immediate liquidity management across over 20 MMF providers and offering a comprehensive global cash overview including the strategic SMAs. Robust reporting tools provide real-time insights into cash positions and investment performance, ensuring transparency and compliance, and setting a new benchmark for treasury management best practices. Innovative analytics empower 3M to analyse cash flow patterns, assess risk and identify optimisation opportunities.

The seamless data flow facilitates data-driven insights, empowers strategic decision-making and drives sustainable growth.

Key benefits

  • Cost savings.

  • Process efficiencies.

  • Return on investment.

  • Increased automation.

  • Risk mitigated.

  • Improved visibility.

  • Errors reduced.

  • Manual intervention reduced.

  • Increased system connectivity.

  • Future-proof solution.

  • Exceptional implementation (budget/time).

  • Quality accreditation achieved.

Vikas Kapoor

Client Advisor, Global Liquidity, J.P. Morgan Asset Management

3M, a diversified technology and science company, significantly enhanced its cash management by leveraging J.P. Morgan Asset Management for seamless investment and technology integration. This strategic move involved implementing Morgan Money to facilitate end-to-end connectivity with Kyriba and enable 3M to allocate funds across numerous money market funds globally. Simultaneously, 3M worked to tailor bespoke active portfolios specific to individual locations, aligning unique liquidity needs, investment policy considerations and asset & liability management. This allowed 3M to greatly enhance treasury management in a short timeframe, and sets a benchmark for many corporates.

in partnership with

J.P. Morgan Asset Management
Morgan Money by J.P. Morgan logo

Catherine Otto

VP, Customer Growth, Kyriba

Kyriba congratulates 3M on winning the Best Investing Solution at the Adam Smith Awards. We are honoured to have supported 3M’s global treasury transformation, which saw the successful implementation of separately managed accounts and seamless integration of Morgan Money within the Kyriba platform. By enabling real-time visibility across 20+ MMF providers and streamlining global cash and investment oversight, our collaboration has empowered 3M’s treasury team to optimise liquidity, automate processes, and drive data-driven decision-making amid market volatility. We celebrate 3M’s remarkable achievement and innovative spirit in setting a new benchmark for treasury excellence.

in partnership with

Kyriba logo
Adam Smith Awards sail

The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2025 awards attracted 454 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

NOT FOR RETAIL DISTRIBUTION: This communication has been prepared exclusively for institutional, wholesale, professional clients and qualified investors only, as defined by local laws and regulations.

This is a promotional document and is intended to report solely on investment strategies and opportunities identified by J.P. Morgan Asset Management and as such the views contained herein are not to be taken as advice or a recommendation to buy or sell any investment or interest thereto. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver.

Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of issuance. Investment involves risks. Any investment decision should be based solely on the basis of any relevant offering documents such as the prospectus, annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Both past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast will come to pass. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited. J.P. Morgan Asset Management or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer discussed herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies discussed herein may not be appropriate for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products. Securities products, if presented in the U.S., are offered by J.P. Morgan Institutional Investments, Inc., member of FINRA.

J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy.

This communication is issued by the following entities: In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

For UK only: Sustainability-related terms in this communication follow JPMAM’s methodologies and application of the EU Sustainable Finance Disclosure Regulation, not the UK Sustainability Disclosure Requirements and investment labels regime.

For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.

For Malaysia, Philippines, Brunei, Thailand, Indonesia, India, Vietnam, Bhuthan and Korea only: This document is provided in response to your request. This document is for informational purposes only and does not constitute an invitation or offer to the public. This document including any other documents in connection are for intended recipients only and should not be distributed, caused to be distributed or circulated to the public. This document should not be treated as a prospectus or offering document and it has not be reviewed or approved by regulatory authorities in these jurisdictions. It is recipient’s responsibility to obtain any regulatory approvals and complying with requirements applicable to them.

For People’s Republic of China only: This document is private and confidential and is issued to you upon your specific request and is provided for your internal use and informational purposes only. It may not be photocopied, reproduced, circulated or otherwise distributed or redistributed to others. This document does not constitute an offer, whether by sale or subscription, in the People’s Republic of China (the “PRC”). Any interests stated is not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any beneficial interest therein without obtaining all prior PRC’s governmental approvals that are required, whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer and its representatives to observe these restrictions.

For Australia only: Pursuant to ASIC Class Order 03/1102 and ASIC Class Order 03/1103 applicable to JPMorgan Asset Management (Singapore) Limited (“JPMAMSL”) and JPMorgan Funds (Asia) Limited (“JPMFAL”) respectively, JPMAMSL and JPMFAL are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) Corporations Act) in respect of the financial services provided by JPMAMS or JPMFAL in Australia to wholesale clients. A copy of which may be obtained at the website of the Australian Securities and Investments Commission www.asic.gov.au. The class order exempts JPMAMSL and JPMFAL respectively from the need to hold an AFSL for financial services provided to Australian wholesale clients on certain conditions. Please note that JPMAMS is regulated by the Monetary Authority of Singapore (MAS) under the laws of Singapore, which differ from Australian laws. Similarly, JPMFAL is regulated by the Hong Kong Securities and Futures Commission (SFC) under the laws of Hong Kong, which also differ from Australian laws.

Copyright 2025 JPMorgan Chase & Co. All rights reserved.

Based on information provided by Treasury Today on 4 June 2025. Fee paid to Treasury Today for promotional materials after award announced. For award criteria details click here. Award may not guarantee future success or results.

2514a2e7-414a-11f0-a473-b1598f9e0e3d

All our content is free, just register below

Already have an account? Sign In

Already a member? Sign In

This website uses cookies and asks for your personal data to enhance your browsing experience. We are committed to protecting your privacy and ensuring your data is handled in compliance with the General Data Protection Regulation (GDPR).