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Keeping It In The Family

As tough times persist, more companies consider monetizing their real estate assets

By Richard Gamble | Updated on February 01, 2002

Michael Watts was on the cutting edge of treasury outsourcing. Unfortunately, he got nicked through no fault of his own. As the manager of global cash for Eastman Chemical Corp., he volunteered his company to beta test Wachovia Bank’s proposed cash-management venture in outsourcing called AssistantTreasurer.com. “We were hoping to shift routine activities to someone with the technology, skills and staff-depth to specialize in that area,” says Watts. “We liked the AT.com plan, and feedback from the bank was positive.”

Then Wachovia merged with First Union National Bank, and the project was put on hold. “With the merger in the works, we knew this could happen,” Watts observes. “We took a chance and lost. Now, it’s time to move on.” (AssistantTreasurer.com has since been sold to JMH Financial Services Ltd., which merged it with its Vtreasurer outsourcing solution.)

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