ReFlow works

with mutual funds to implement proactive liquidity solutions to reduce friction and performance issues due to disruptive shareholder flow.

Our Mission

To help mutual funds overcome a perennial problem: funding redemptions without borrowing from a bank or selling securities . By using ReFlow, funds can measurably improve performance and reduce the effects of flow-based turnover.

With ReFlow You Can:

  • Carry out investment strategies unhindered by daily liquidity requirements
  • Minimize flow-induced trading and associated transaction and opportunity costs
  • Eliminate "cash drag" and tracking error while putting large inflows to work
  • Minimize capital gains distributions to shareholders

Our solutions offer continuous, everyday access to liquidity that funds can draw upon to meet redemptions and manage cash positions.

Who We Work With

Since inception, ReFlow has held over 2700 auctions resulting in over 7,700 purchase transactions that have provided over $5.1 billion of capital to participating mutual funds. ReFlow currently has 25 approved mutual fund complexes that manage over $592 billion in assets.

ReFlow provides 1940 Act funds with the tools to improve performance by managing the frictional impacts of shareholder flow. Our solutions offer continuous, everyday access to liquidity that funds can draw upon to meet redemptions and manage cash positions.

In 1997 Gordon Getty identified the ReFlow solution to a persistent problem: How to efficiently provide for shareholder redemption liquidity without undue burden to long-term shareholders. After a number of years exploring the concept with industry insiders and academics, ReFlow applied for and received an SEC no-action letter from the Division of Investment Management in 2002, enabling ReFlow to provide short-term liquidity to 1940 Act funds through its Redemption Service. On February, 7 2012, ReFlow Services, LLC received Patent Number US8,112,331 B2 for its System and Method for Providing Liquidity.

The ReFlow Team

CHIEF INVESTMENT OFFICER, MANAGING PARTNER

Michael S. Cagney

Mr. Cagney is the Chief Investment Officer and Managing Partner of ReFlow Services LLC, Cabezon Investment Group LLC, and Co–Founder and Chairman of SoFi, a leading student loan company. Mr. Cagney founded Finaplex, a leader in wealth management software, where he held multiple roles as the firm’s Executive Vice Chairman, President and Chief Executive Officer. Prior to Finaplex, Mr. Cagney served as Senior Vice President of Wells Fargo’s Financial Products and Derivative Trading group. He founded and ran the Financial Products group responsible for structured product development, proprietary, portfolio and customer trading and risk management. During that time, he managed multiple arbitrage books across multiple products, including swap-to-futures, relative value curve, relative value credit spread and volatility arbitrage. He joined Wells Fargo Bank in 1995 as a Senior Consultant in Management Sciences. Mike holds an M.S., Management degree from the Stanford Graduate School of Business where he was a Sloan Fellow. He also received a combined BA/MS from UC Santa Cruz in applied economics.

PRESIDENT and CHIEF OPERATING OFFICER

William G. White

Mr. White is the President and Chief Operating Officer of ReFlow Services LLC and responsible for all aspects of the ReFlow product offering. Mr. White joined Reflow and Forward Funds in 2002 as Vice President, Operations and has held various positions within ReFlow Management. He has also been part of Cabezon Investment Group , where he traded Equity Index and FX derivatives. From 1998 to 2002, Mr. White was Vice President, Trading for Morgan Stanley Online. He headed Equity, Options, and Fixed Income trading for their San Francisco office and performed as an expert witness in all trading related arbitrations. Mr. White began his financial services career in 1996 as a registered rep specializing in corporate services for Roth Capital Partners, a regional investment bank based in Irvine, CA.

CHIEF FINANCIAL and COMPLIANCE OFFICER

Kenneth Chan, ESQ., CRCP

Mr. Chan is the Chief Financial and Compliance Officer of ReFlow Services LLC and Cabezon Investment Group LLC. Previously, he was a Director of Product Management and a Director of Tax and Trust Products for Finaplex. Mr. Chan was a software developer for Multex.com (Reuters) and a tax analyst for McKesson Corporation. He was of counsel at the Law Offices of Wu & Lue and a legal analyst with CCH Incorporated (Wolters Kluwer). He has held the Assistant Director of Tax, Senior Tax Account and Tax Accountant positions with CCH Computax and the Group Manager and Tax Technician positions at the Internal Revenue Service. He served as Vice President of software and Analyst at NEXA Corporation (Atari). Mr. Chan holds a BA in Economics and Social Welfare from the University of California, Berkeley, an MBA from the University of San Francisco, a JD from Golden Gate University, an MS in Tax from Golden Gate University, and a Certified Regulatory and Compliance Professional designation from The Wharton School at the University of Pennsylvania and the Financial Industry Regulatory Authority, Inc..

DIRECTOR of SALES and MARKETING

Ryan Newman

Mr. Newman is responsible for all aspects of business development and client management for Reflow Services LLC. Prior to joining Reflow, he was with Goldman Sachs for nine years, most recently in Institutional Fixed Income Sales where he covered clients throughout the Midwest and West Coast. Mr. Newman previously worked at Goldman Sachs in the firms Asset Management business, GSAM, where he was responsible for marketing mutual fund and private equity products to Registered Investment Advisors. He worked in their NYC, Chicago, and San Francisco offices. Ryan holds the Series 7 and 66 FINRA licenses.

OPERATIONS ANALYST

Michael Karlsson

Mr. Karlsson is responsible for day to day operations related to ReFlow Services. Previously, Mr. Karlsson held Trading positions at Kaupthing Bank and Pantera Capital. Prior to these roles, he served as an Operations Consultant at Credit Agricole Indosuez Cheuvreux, Stockholm, Sweden. Mr. Karlsson obtained his MS in Finance from Golden Gate University and his BS in Business & Economics from Växjö University.

get in touch

The Presidio of San Francisco
One Letterman Drive, A4700, San Francisco, CA 94129
Email: Info@reflow.com
Phone: (866) 473-3569

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Investors

Thanks for your interest in ReFlow Fund, which provides mutual funds with short-term liquidity and tax solutions. Founded by Mr. Gordon Getty in 2002, ReFlow Fund is designed to track the S&P 500 Index leveraging its patented operational structure, and outperform this Index with the fee income it generates from ReFlow Fund's liquidity and tax services. The investment manager of ReFlow Fund, ReFlow Services, LLC, manages all day-to-day operations.


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