NEW YORK, May 2, 2016 /PRNewswire/ -- StoneCastle Cash Management, LLC ("StoneCastle") is proud to announce significant enhancements to its Federally Insured Cash Account (FICA®) program. Effective immediately, clients can get the benefit of up to $60 million of FDIC insurance per tax ID with the convenience of next day liquidity.
As post-crisis regulatory initiatives continue to impact many traditional cash vehicles, treasurers are left facing many headwinds. In a recent Fitch Rating survey, corporate treasurers identified low yields, counterparty risk, Basel III banking regulation and money fund reform as the biggest concerns facing cash investors in 2016.1
"As treasurers look to eliminate market and regulatory uncertainty associated with Basel III and money fund reform, FICA® remains a proven alternative to those seeking safety, liquidity and yield," said Steve Rotella, Chief Executive Officer for StoneCastle.
Chris Takacs, Vice-President of Marketing for StoneCastle added, "These enhancements are a direct response to the feedback from our clients and the treasury community. We believe FICA® is now even better suited to meet the short term cash management needs of treasury professionals."
FICA® is a liquid, structured bank deposit vehicle that provides investors a competitive yield on multi-million dollar deposits backed by the full faith and credit of the U.S. Government.
Today over 1,000 institutions have used FICA® as part of their short-term cash strategy. To learn more visit www.ficaaccount.com.
StoneCastle is a premier provider of liquidity and cash management solutions servicing the nation's leading community banks, corporations, municipalities, public funds, foundations, endowments, hedge funds, wealth management and private equity firms. StoneCastle is not a bank, nor does it offer bank deposits and its services are not guaranteed 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. StoneCastle is a wholly owned subsidiary of StoneCastle Partners, LLC. StoneCastle Partners, LLC was founded in 2003 and is one of the largest managers of investment funds and providers of advisory services dedicated to the U.S. banking sector. The views expressed herein represent the opinions of StoneCastle and are not intended to predict or depict performance of any investment. All information contained herein is for informational purposes and should not be construed as investment advice. The information herein was obtained from various sources; we do not guarantee its accuracy or completeness. Past performance does not guarantee future results. These views are as of the date of this publication and are subject to change.
FICA® satisfies the FDIC's requirements for agency pass-through deposit insurance coverage. FICA® is not a member of FDIC, but the banks where your 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 you have cash at any depository institution that is in the FICA® network then you may not receive full FDIC insurance coverage on your deposits at those institutions. Funds may be submitted for deposit only after a depositor enters into a FICA® agreement. The agreement contains important information and conditions regarding the depositing and withdrawal of funds.
1 "Yields, Counterparty Risk Fuel Angst for Treasurers," Fitch Ratings The Why? Forum February 1, 2016.
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SOURCE StoneCastle Cash Management, LLC