Halyard Asset Management

What Halyard Asset Management does

Halyard Asset Management, LLC is an SEC-Registered Investment Advisor that manages approximately $2.0 billion in fixed income assets (as of 12/31/25) for a diversified client base of High Net Worth Individuals, Family Offices, Pensions, and Institutions. The firm employs 1-10 people and is headquartered in White Plains, New York. Its investment philosophy takes a pragmatic, relative-value approach to fixed income investing, applied conservatively across fixed income securities and sub-asset classes that exhibit mean-reverting tendencies, with the explicit goal of maximizing return and preserving capital in both rising and falling interest rate environments.

The firm offers two core strategies through Separately Managed Accounts. The first is its broad fixed income asset management service, where portfolios are actively managed and customized to each client's liquidity needs, return parameters, and risk appetite, with securities held in the client's name at a third-party custodian and client reporting delivered via Clearwater Analytics. The second is the proprietary Reserve Cash Management (RCM) strategy, originated by Halyard's principals during the late-1990s IPO era to help technology and internet entrepreneurs manage newly realized wealth and refined through subsequent cycles including the 2008 financial crisis and COVID-19; RCM is designed to maximize after-tax total return on cash while emphasizing capital preservation and income, and is implementable across various tax strategies.

Halyard generates revenue through asset management fees on approximately $2.0 billion in AUM, distributed through direct, relationship-based sales with no formal referral, affiliate, or intermediated channel program. Client acquisition is supported by a thought-leadership content engine of monthly macro commentary and a weekly market wrap, alongside a LinkedIn presence and downloadable RCM fact sheets, with no public fee schedule or pricing tiers disclosed. The leadership team is anchored by Principals Michael Kastner, CFA (34+ years experience) and Steven Boyd, CFA (29+ years), supported by Vice President Adam Cohn and an external Chief Compliance Officer.

Name

Halyard Asset Management

Legal name

Halyard Asset Management, LLC

Website

https://halyardmgmt.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Halyard Asset Management is an SEC-registered investment advisor managing approximately $2.0 billion in fixed income assets via separately managed accounts for high net worth individuals, family offices, pensions, and institutions, anchored by its proprietary Reserve Cash Management (RCM) strategy.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

akta.pro secondary industry

Treasury, Cash & Liquidity Management (Custody Cash) (FSAAAOAL)

Keywords

• Fixed income management
• Asset management services
• Separately managed accounts
• Cash management solutions
• Investment advisory

Headquarters

HQ city

White Plains

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees: Halyard generates revenue by managing fixed income assets for clients, charging fees on approximately $2.0 Billion in assets under management (as of 12/31/25). As an SEC-Registered Investment Advisor, the firm earns fees based on assets managed.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Halyard Asset Management is an SEC-Registered Investment Advisor that manages approximately $2.0 Billion in fixed income assets through Separately Managed Accounts (SMAs). The firm employs a pragmatic, relative-value investment approach to fixed income securities and sub-asset classes, with a flagship Reserve Cash Management (RCM) strategy focused on maximizing after-tax total return on cash while emphasizing capital preservation and income. Portfolios are customized to each client's liquidity needs, return parameters, and risk appetite, with securities held in the client's name by a third-party custodian.

Product overview

Halyard Asset Management operates as a unified fixed income investment management platform offering two primary investment strategies. The core offering consists of actively managed fixed income portfolios utilizing a relative-value investment philosophy that differs significantly from passive management approaches. The Reserve Cash Management (RCM) strategy, originally developed in the late 1990s for technology entrepreneurs during the IPO era, serves as a specialized cash management solution focused on after-tax returns, capital preservation, and income generation. Both strategies are offered through separately managed accounts, with approximately $2.0 billion in assets under management as of December 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Reserve Cash Management (RCM): Cash management strategy focused on maximizing after-tax total return on cash while emphasizing capital preservation and income, designed for high net worth individuals, family offices, and institutions.

Products and services

• Reserve Cash Management (RCM)

Quantifiable outcome

• Approximately $2.0 Billion in fixed income assets under management as of 12/31/25
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Western Asset Management: Western Asset Management is one of the world's largest active fixed income managers, offering a broad range of sector-specific and multi-sector fixed income strategies via SMAs and pooled funds. It is a directly comparable active fixed income manager with institutional and intermediary distribution scale that exceeds Halyard's.
• Payden & Rygel: Payden & Rygel is an independent employee-owned investment manager specializing in active fixed income, equity, and alternative strategies globally, with significant exposure to SMA mandates for HNW and institutional clients. It is comparable to Halyard as an independent, employee-influenced active fixed income specialist serving similar client segments.
• Income Research + Management (IR+M): IR+M is an employee-owned active fixed income manager focused on investment-grade, high yield, and municipal strategies for institutional clients, including via separately managed accounts. It is directly comparable to Halyard's active fixed income SMA model with similar employee-ownership and boutique positioning.
• TCW Group: TCW Group is a leading active fixed income and equity manager offering SMA and pooled strategies to institutional and intermediary clients. It is a direct competitor in the active fixed income space with broader product breadth than Halyard but overlapping client segments.
• Fort Washington Investment Advisors: Fort Washington Investment Advisors is a wholly owned active fixed income and equity manager serving institutional and HNW clients via SMAs and pooled vehicles. It is comparable to Halyard as a boutique, employee-influenced active fixed income manager serving similar client types.
• GW&K Investment Management: GW&K Investment Management is an employee-owned active fixed income and equity manager serving institutional, intermediary, and private wealth clients via SMA structures. It is comparable to Halyard as a boutique active fixed income specialist with strong SMA distribution and similar employee-ownership structure.
• Mar Vista Investments: Mar Vista Investments is a boutique active fixed income manager focusing on multi-sector and core fixed income strategies for institutional and HNW clients. It is comparable to Halyard in scale, boutique positioning, and SMA-focused distribution within the active fixed income category.
• DoubleLine Capital: DoubleLine Capital is a large independent fixed income asset manager founded by Jeffrey Gundlach, specializing in active fixed income strategies including multi-sector, core fixed income, and absolute return mandates. It is a direct competitor to Halyard in the actively managed fixed income SMA space serving HNW, family offices, and institutional clients.

Broad incumbents

• BlackRock: BlackRock is the world's largest asset manager spanning active and passive fixed income, equity, alternatives, and ETF strategies (iShares). It represents the broad incumbent in fixed income against which boutique active managers like Halyard compete for institutional and HNW mandates.
• PIMCO: PIMCO is one of the world's largest active fixed income managers offering a broad range of SMA, pooled, ETF, and alternatives strategies to institutional and retail intermediaries. It is a broad incumbent in active fixed income with significantly greater scale, product breadth, and distribution than Halyard.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/halyard-asset-management-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Halyard Asset Management