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It said Wednesday that by June 2012 it would sell $400 billion in securities with remaining maturities of less than three years and buy roughly the same amount in securities with maturities longer than six years.
The fund invests in securities with an average rating of AA and an average duration of 0.6 years.
Just seven years ago, bond funds were bigger than money funds, which specialize in securities with lives of less than a year, like commercial paper.
Mr. Cassano helped start the business in 1987 and built it into a unit providing financial guarantees on more than $500 billion of assets at year-end, including $61.4 billion in securities with ties to subprime mortgages.
The fund may invest the remaining 5% of assets in securities with lower credit ratings or that are unrated.
Its traders pushed too far out on the ledge to make Merrill the leading bank in credit derivatives, a position that cost the firm dearly when the market dried up and Merrill got caught holding billions in securities with plummeting values.
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The US National Science Foundation (NSF) is designing a new type of network with better built-in security, with the ambition of advancing science and furthering the economy.
The products now offer built-in security with enterprise class encryption of media and signaling using TLS and SRTP, enabled by default.
Burbidge also has a personal interest in security, with a private investment in secure messaging app Wickr.
Nassau is assisting in security with stepped-up police patrols at railroad stations and truck searches.
To equate every gain in security with the US surge strategy, as advocates of a continuing presence in Iraq commonly do, is to oversimplify the complex dynamics that drive violence in that country.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com