NEW YORK--(BUSINESS WIRE)--Reich & Tang Deposit Networks, LLC (“Reich & Tang”), the leading provider of FDIC-insured solutions to banks, brokerages, and wealth managers, announced today that it has recently hired three industry veterans with an impending fourth to lead its sales efforts in the trust and wealth management space.
- David Carson, former National Sales Manager for liquidity products at JPMorgan Chase Asset Management and Morgan Stanley Investment Management, will lead Reich & Tang’s efforts with the largest US banks (SIFIs) in the private wealth & trust space. “Dave’s experience brings a tremendous amount of credibility at larger institutions,” comments Michael Lydon, President and Chief Executive Officer of Reich & Tang, “which is essential for expanding our presence within that sector.”
- Stephen Brown, with over 30 years of experience in wealth management, including PNC Financial, Fifth Third Bank Investment Advisors, and most recently as a Regional Sales Manager with Accutech Systems will serve as Director, Trust & Wealth Management servicing the Southeast, South Central and lower Midwest regions. “Based on my experience, I know that Reich & Tang has the best FDIC-insured solutions out there,” says Stephen, “and I am excited to join the Reich & Tang team and provide innovative cash management solutions that will add tremendous value to trust companies and their customers.”
- Roger Maude, with over 30 years of experience in trust and retail banking, including Fairfield County Bank, Wachovia Bank, and most recently as a Vice President in the trust investment services division of Wright Investors’ Service will serve as Director, Trust & Wealth Management servicing the Northeast and upper Midwest regions. “Reich & Tang understands the issues facing banks and other financial institutions, which is essential when selling into this market,” comments Roger. “Reich & Tang is much more than a software solution; they provide a complete solution and solve real day-to-day issues, and I look forward to leveraging my past experiences to do the same.”
“We are very excited about our new sales team focused on providing FDIC-insured turn-key solutions to trust and wealth managers. Reich & Tang has made significant investments in its Demand Deposit Marketplace℠ program (“DDM”) offering over the past 2 years resulting in up to $25 million in enhanced FDIC coverage, competitive returns, later cut-off times, customized bank monitoring for fiduciary clients, and seamless integration with most major trust accounting systems,” said Michael Lydon, “and we now have the right team in place to communicate the distinctive value DDM brings to investment professionals in meeting their customer needs for enhanced FDIC-insured solutions.”
DDM is a daily, multi-million dollar FDIC sweep program that works similarly to a money market fund sweep, except investor cash is swept daily into FDIC insured accounts. “DDM has provided valuable balance sheet management services and high levels of FDIC insurance to scores of our community bank clients. Offering DDM to our trust & wealth management clients is a natural transition that provides another layer of service with multiple applications to both our bank clients and the clients they serve,” concluded Lydon.
About Reich & Tang
Since 1974, Reich & Tang has been offering innovative deposit and liquidity solutions to financial intermediaries and public and private investment entities. The firm is focused on creating, improving, and delivering smarter ideas to help banks, brokerages, trust managers, RIAs, and public and private sector clients to seamlessly integrate and maximize the value of their deposit, liquidity, and short-term investment programs. This singular focus across multiple business lines combines to form a unique perspective and expertise that provides a deeper insight into the multiple disciplines of cash management.