NEW YORK, Dec. 6, 2017 /PRNewswire/ -- StoneCastle Insured Cash Sweep, LLC, a subsidiary of StoneCastle Cash Management, LLC ("StoneCastle") announced today that it has been selected to be the sole provider of cash sweep services for COR Clearing, LLC ("COR"), an Omaha-based independent full-service settlement clearing firm for correspondent introducing broker-dealers and registered investment advisors (RIAs). The deal, which commenced in early November, expands COR's value to its clients through StoneCastle's nationally recognized FDIC insured cash sweep solution. COR is one of the top seven largest clearing firms in the U.S. ranked by number of broker-dealer correspondents according to InvestmentNews.
"With StoneCastle, our firm is now equipped with a flexible, open platform supported by superior sweep solutions that can meet our unique business requirements for today and in the future," said Jeffrey Sime, President and Chief Financial Officer at COR. "The out of the box capabilities, as well as the ability to customize for particular requirements creates an enhanced clearing experience for our correspondents. In particular, we look forward to the expanded functionality available for our RIA customers."
"StoneCastle looks forward to working closely with COR to help it strive to accelerate growth, expand customer relationships, and deliver superior clearing services," said Steve Rotella, Vice Chairman of StoneCastle Cash Management, LLC. "We are proud to be selected by COR to be their cash management partner. The privilege of working with COR underscores our commitment and ability to deliver differentiated solutions that satisfy their clients' demands for safety and yield while providing the relevant tools and support model to profitably attract new business."
Following its entry into the insured sweep space in early 2017, StoneCastle is successfully fulfilling its promise to be a differentiated force in the cash space for the benefit of its clients. "We are very happy to see that our innovations, depth of network banks, leading sweep technology, and markedly different partnership model has resonated within the industry," concluded Rotella.
About StoneCastle Insured Cash Sweep, LLC
StoneCastle Insured Cash Sweep, LLC, a subsidiary of StoneCastle Cash Management, LLC, is a leading administrator of insured cash solutions for many of the world's largest institutions and family offices. Today, the firm extends the reach of its operational and technology platforms through a daily cash sweep solution made available to brokerages, registered investment advisers (RIAs), trusts, and other programs offered through financial intermediaries and wealth managers. StoneCastle is backed by the strength and stability of world class partners, CIBC and Charlesbank Capital Partners.
About COR Clearing LLC
Headquartered in Omaha, Nebraska, COR Clearing is a leading full-service, independent correspondent clearing firm servicing middle-market broker-dealers and registered investment advisers throughout the United States. COR Clearing is a registered broker-dealer in all 50 states and is regulated by FINRA, the SEC, and additional Self-Regulatory Organizations (SROs). COR Clearing is the wholly-owned subsidiary of COR Securities Holdings Inc.
SOURCE StoneCastle Insured Cash Sweep, LLC