Innovest Systems and Reich & Tang 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 USD250,000 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 USD25 million per customer to safely minimise 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.”