|By Business Wire||
|April 23, 2014 10:03 AM EDT||
StoneCastle Cash Management, LLC (‘StoneCastle’) today announced that StoneCastle eCD Market, LLC (‘eCD Market’), its online marketplace for institutional buyers of custom FDIC-insured CD portfolios, has teamed with Cachematrix, a provider of money market fund, bank product trading and sweep technology for banks and financial institutions. This partnership will enable Cachematrix to offer its clients access to eCD Market’s innovative FDIC-insured CD platform. The partnership also allows StoneCastle to introduce Cachematrix’s liquidity management systems to its bank relationships.
eCD Market allows institutional buyers to easily obtain a high amount of FDIC insurance for cash balances through a nationwide marketplace of participating banks. For Cachematrix clients, this service represents a new and innovative option for investing cash in custom portfolios of CDs from a wide range of nationwide banking partners. For banks on the eCD Market platform, this platform represents an even more efficient way to acquire non-brokered time deposits and create new direct relationships with institutional customers.
In addition, StoneCastle’s network of bank partners can now offer Cachematrix’s industry leading institutional money market fund trading and liquidity management capabilities, which have traditionally been limited to some of the world’s largest financial institutions, to their institutional and corporate customer base.
“I am thrilled to see the StoneCastle eCD Market available to the Cachematrix network of institutional and corporate investors,” said Eric Lansky, President of StoneCastle Cash Management, LLC. “This is a win-win partnership as StoneCastle can introduce value added solutions to its institutional clients, while Cachematrix clients will now have the ability to offer access to custom-built portfolios of FDIC-insured CDs.”
“We are excited about the opportunity to offer Cachematrix technology to StoneCastle’s extensive group of bank partners,” said Dave Agostine, President of Cachematrix. “With corporate cash at all-time highs, we believe banks are looking to capitalize on this unique opportunity to increase their corporate market share, and revenue, within this arena. Our technology will allow banks the opportunity to offer a solution to their corporate clients that will assist them in managing their liquidity in a more sophisticated and efficient manner. We look forward to working closely with StoneCastle to assist their bank partners in this endeavor.”
About StoneCastle Cash Management, LLC
StoneCastle Cash Management, LLC 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 Cash Management, LLC is a wholly owned subsidiary of StoneCastle Partners, LLC. eCD Market is a wholly owned subsidiary of StoneCastle Cash Management, LLC. For more information, visit www.stonecastle.com.
About Cachematrix Holdings, LLC
Cachematrix is the leading "software as a service" (SaaS) provider of institutional money market fund, bank products and fixed income trading, and sweep technology for banks and financial institutions worldwide. Cachematrix enables banks and other financial services firms the ability to offer their corporate clients on-line access to a choice of short term investment products through a convenient, single source platform for managing assets. For more information, visit www.cachematrix.com.
This release does not constitute an offer or solicitation or recommendation to purchase any security and is not investment advice.