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StoneCastle announced a few weeks ago that they had acquired business from Intermedium Financial, LLC. They acquired insured deposit sweep business from the company. StoneCastle is a fully owned subsidiary of StoneCastle Cash Management. The move has been seen as a step towards the strengthening the leading position of the company as an insured deposit provider. The strategy of the company has been to look for ways to reach the brojer dealer and financial advisor, the 401K and other important players in the market.
The company’s CEO, Stephen Rotella spoke about the acquisition and said that they were planning to act as a force to reckon with in the insurance business. The company states that they have included the use of technology to add value to some of the intermediaries. They have a proven track record in delivering deposit capacity. The company has been in the market for quite a while and it has extensive experience in sales and marketing. Some of the companies that have been part of their network include registered investment advisors, brokerage firms, registered investment advisors and other financial intermediaries that are in a tight financial spot.
The leading director of Intermedium, stated that the company was very delighted that they had finally found their right partner to help them invest in the FinTech platform. He noted that StoneCastle was a known and repected brand in the business and that their association would really complement their operations. The company announced that they would be operating their sweep business under StoneCastle but they would keep the InterLink Brand. They assured the current customers that they would not be affected in any way by the acquisition.
About StoneCastle Management LLC
StoneCastle is an investment advisory firm that is registered with the SEC. Their mode of operation is the sweep business that they provided to some of the largest institutions in the world. They offer services such as brokerages, RIAs and trusts. The company was started in 2003 and has grown into the success they are enjoying through the years. They are a market leader in the services that they provide to their partners.