Proprietary Cash Management Vehicle FICA®
Recognized in 2014 Association for Financial Professionals Liquidity
Money Fund Reform Driving Treasurer’s Demand for Safe and Liquid
Alternatives for Cash and Short-Term Investment Holdings
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
“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.
StoneCastle Cash Management, LLC
Chris Takacs, 347-887-0357
Source: StoneCastle Cash Management, LLC