NEW YORK--(BUSINESS WIRE)--StoneCastle Cash Management, LLC (“StoneCastle”), a recognized cash management leader for institutions, today announced total assets have reached record levels, with total assets up 37 percent year to date.
In addition, StoneCastle’s proprietary cash management vehicle, the Federally Insured Cash Account (FICA®), was again recognized by the Association for Financial Professionals (AFP) in its 2014 Liquidity Survey.
“We continue to see strong growth in assets as Treasurers seek out our innovative cash management solutions,” said Steve Rotella, CEO of StoneCastle. “As institutional money funds face regulatory reform, prudent financial professionals are seeking reliable, safe, and liquid alternatives, benefitting StoneCastle. FICA® is a widely used structured bank deposit product used by Treasurers when investing short-term balances, as highlighted in the 2014 AFP Liquidity Survey.”
“Our FICA® product is well positioned to benefit from the current market environment as financial professionals look for ways to achieve competitive cash returns while preparing for regulatory changes,” stated Brandon Semilof, Managing Director at StoneCastle. “FICA® offers the high level of FDIC insurance, weekly liquidity, competitive yields and stability that the industry seeks.”
About StoneCastle Cash Management, LLC
StoneCastle Cash Management, LLC (www.StoneCastle.com) is a leading provider of cash management solutions for corporations, municipalities and other institutional entities. StoneCastle Cash Management, LLC is a wholly owned subsidiary of StoneCastle Partners, LLC, which was founded in 2003 and is one of the largest investors in community banks in the United States.
StoneCastle is not a bank, nor does it offer bank deposits, and its services are not guaranteed or insured by the FDIC or any other governmental agency. StoneCastle is an investment adviser registered with the SEC. For more information regarding the firm, please see its Form ADV Parts 1 and 2A on file with the SEC. Registration with the SEC does not imply a particular level of skill or training.
FICA® satisfies the FDIC requirements for agency pass-through deposit insurance coverage. FICA® is not a member of the FDIC, but the banks in which money is deposited are FDIC members. The FDIC is an independent agency of the U.S. government that protects the funds depositors place in FDIC insured institutions, up to $250,000 per institution. FDIC deposit insurance is backed by the full faith and credit of the U.S. government. If a participant has cash at any depository institution independently from the FICA® program that is in the FICA® network, then they may not receive full FDIC insurance coverage on deposits at those institutions. Funds may be submitted for deposit only after a depositor enters into a FICA® agreement.
FICA® is a service mark of StoneCastle.
This release does not constitute an offer or solicitation or recommendation to purchase any security and is not investment advice. Past performance does not represent future results.