StoneCastle Expands Insured Sweep Business with Key New Hires

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Mar 01, 2017, 10:30 ET

NEW YORK, March 1, 2017 /PRNewswire/ -- StoneCastle Cash Management, LLC ("StoneCastle"), a market leading provider of insured deposit technology and services, announced the appointment of two executives to support the firm's expansion strategies.

Frank Bonanno, an industry expert in the insured cash sweep business for broker-dealers and other third party intermediaries, has been appointed Managing Director, Head of Marketing. In addition, Kyle McAndrew, an experienced sales professional, has been tapped as Vice President to lead business development for the firm's insured sweep business.

Both executives recently departed Reich & Tang where Bonanno was Director and Head of Marketing since 2011 before joining StoneCastle's team. He has over 20 years' experience in the marketing of financial services, with a focus on the cash management sector. Prior to that, Bonanno worked in senior leadership positions at Double Rock Corp., The Reserve, and The Dreyfus Corporation. McAndrew brings a decade of experience in business development and client service to broker-dealers, registered investment advisors, and other financial intermediary platforms. He spent the early part of his career as an advisory consultant at LPL Financial.

"We are delivering on our commitment to be a differentiated and disruptive force in the insured cash sweep business," said Stephen Rotella, Chief Executive Officer of StoneCastle. "The combination of our leading technology, deep expertise, and the strength of our team creates a compelling value proposition for our clients and the industry at large. Adding these two outstanding industry veterans is an exclamation point to that commitment."

"StoneCastle continues to attract highly talented and experienced individuals in the brokerage, banking and institutional fields," continued Rotella. "Frank and Kyle bring great market insights and a zealous focus on the needs of our clients. They will further elevate StoneCastle's insured sweep expertise and add momentum to our firm foothold in the brokerage sweep marketplace."

"I am excited with this opportunity, which comes at a pivotal time in the evolution of the StoneCastle organization," said Bonanno. "The firm's expertise in cash management, combined with its extensive bank network, strong technology platform, and organizational strength, puts the firm in a uniquely strong position to differentiate itself within an otherwise staid and commoditized cash business. I look forward to working with such a talented team to fully leverage the firm's distinct advantages and expand its business."

About StoneCastle
StoneCastle Cash Management, LLC is a leading administrator of insured cash solutions for institutional investors and many of the world's largest institutions. Today, the firm extends the reach of its operational and technology platforms through a daily cash sweep solution made available to brokerages, 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.

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 principally owned by StoneCastle Partners, LLC, which was founded in 2003 and is one of the largest investors in community banks in the United States. Visit www.stonecastle.com.

SOURCE StoneCastle Cash Management, LLC