NEW YORK, July 30, 2015 /PRNewswire/ -- StoneCastle Cash Management, LLC ("SCCM"), a recognized cash management leader for institutions, today announced total assets and client accounts have reached record levels. "By staying singularly focused on delivering superior cash management solutions consistent with the needs and objectives of treasury professionals, SCCM strives to become our clients' most valued and responsive cash management provider," says Steve Rotella, CEO of SCCM.
Business highlights for the second quarter ended June 30, 2015 include:
Increasing balances by 20% year to date, with FICA® and ICASM balances up over 30%
Exceeding 1,000 total institutional accounts
Successfully launching the new Institutional Cash Account (ICASM), a non-insured, large balance bank deposit solution
In addition, for the third year in a row, SCCM's proprietary cash management vehicle, the Federally Insured Cash Account (FICA®), was recognized by the Association for Financial Professionals (AFP) in their 2015 Liquidity Survey as a well-known structured bank deposit product.
"It is not coincidental that as firms deal with the impact of regulatory reform, SCCM and its FICA® offering are reaching historic asset levels. We continue to see strong growth in assets as treasurers seek out proven cash management solutions," said Brandon Semilof, Managing Director and Head of Institutional Sales. "As institutional money funds prepare to comply with new rules, prudent financial professionals are now incorporating FICA® as part of their core cash strategy."
About StoneCastle Cash Management, LLC
SCCM is a leading provider of cash management solutions for corporations, municipalities and other institutional entities. SCCM 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 (www.StoneCastle.com).
SCCM 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. SCCM 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 full FDIC insurance coverage on deposits at those institutions may not be received. Funds may be submitted for deposit only after a depositor enters into a FICA® agreement.
FICA® is a registered service mark of SCCM.
Deposits are insured by the FDIC for up to $250,000 per depositor. Deposits over the $250,000 limit are not FDIC insured. Funds may be submitted for deposit only after a depositor enters into an ICASM agreement.
This release does not constitute an offer or solicitation or recommendation to purchase any security and should not be construed as investment advice. Past performance does not guarantee future results.