Innovest Systems Partners with Reich & Tang to deliver FDIC Insured Sweep Alternative
September 21 2017 - 9:00AM
Business Wire
Innovest Systems and Reich & Tang today announced that they
have partnered to offer an FDIC insured cash solution to Innovest’s
client base. Reich & Tang administers the Demand Deposit
MarketplaceSM (DDM) program which will be offered to all of
Innovest’s clients on its trust and wealth management platform.
DDM is an automated, daily cash sweep solution that enables
investors to achieve millions of dollars in FDIC insurance while
maintaining daily liquidity. The program automatically allocates
investor deposits among several banks participating in the program
wherein the deposits never exceed the maximum FDIC coverage of
$250,000 per bank per tax identification number.
“At Innovest, we strive to empower our clients to invest
customer assets more effectively,” says Glenn Schmidt, chief
executive officer of Innovest Systems. “By seamlessly offering
Reich & Tang’s Demand Deposit Marketplace program, our clients
will have access to a market leading FDIC-insured cash sweep option
for up to $25 million per customer to safely minimize risks and
potentially increase returns on their cash investments.”
“We are very excited to partner with Innovest as an important
milestone in Reich & Tang’s mission to provide FDIC insured
turn-key solutions to trust and wealth managers. With a dedicated
on-boarding team,” says Michael Lydon, chief executive officer of
Reich & Tang, “we pride ourselves on our ability to implement
DDM smoothly for Innovest’s clients with a straightforward
contract, thorough due diligence procedures to facilitate vendor
reviews, and client-focused training.”
About Innovest
Innovest is a leading provider of financial technology solutions
delivered to forward-thinking trust, wealth management, family
office, and retirement professionals. Innovest's solutions empower
its clients to acquire new customers, invest assets effectively,
manage portfolios efficiently, and flexibly report results to
customers. Innovest has over $500 billion in assets under
administration on its trust and wealth management platform, posts
over 4 million unique asset transactions per year, processes more
than 6 million payments annually and provides fulfillment services
for more than 10 million documents, including checks, advices, and
tax forms each year.
About Reich & Tang
Since 1974, Reich & Tang has been offering innovative
deposit and liquidity solutions to financial intermediaries and
public and private investment entities. The firm is focused on
creating, improving, and delivering smarter ideas to help banks,
brokerages, trust managers, RIAs, and public and private sector
clients to seamlessly integrate and maximize the value of their
deposit, liquidity, and short-term investment programs. This
singular focus across multiple business lines combines to form a
unique perspective and expertise that provides a deeper insight
into the multiple disciplines of cash management.
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version on businesswire.com: http://www.businesswire.com/news/home/20170921005133/en/
Media:Innovest SystemsMariam Tokarsky,
212.266.6664Marketingmtokrasky@innovestsystems.comorReich &
TangJoe Jerkovich, 212.830.5317EVP, Chief Operating
Officerjjerkovich@rnt.com