Financial year end? Banks, mutual funds gear up to improve cash positions

At the end of every financial year, banks and mutual funds (MFs) indulge in the practice of window-dressing, a term used to describe the actions taken by companies to improve the appearance of their financial statements. Typically, companies try to improve their cash positions by delaying payment obligations or divesting assets. A popular fund manager took a dig at this practice by likening MFs to departmental stores. “What is common between mutual funds just before fiscal year end and department stores just before Christmas? They both spend a lot of time, energy and money dressing their windows,” he tweeted.

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