13JunFormer Merrill Lynch Managing Directors Launch FinTech Platform to Revolutionise Cash Savings
Insignis Asset Management provides clients with whole of market access to the best interest rates, maximising return
London – 13th June 2016 –
Today, Insignis Asset Management, a new cash management company, launches to revolutionise how clients manage their cash deposits, a market forecast to grow dramatically in the coming years. The Insignis Digital Banking Network will enable clients to deposit cash, starting from £100,000, into a hub account, held in their own name, from where it is electronically distributed to bank accounts that give the best returns. Clients’ deposits receive FSCS protection up to £75,000 per person, per authorised bank.
The Digital Banking Network will allow high net worth individuals (HNWI), wealth managers, companies, charities and local authorities to save time while maximising return on their cash. The Company provides a single interface to multiple banking partners.
Insignis provides the following benefits:
- A solution to the difficulties and frustrations of finding, opening and monitoring multiple savings accounts
- Diversification and improved returns without the hassle of changing current account provider
- Client on boarding is fast, simple and only done once
- A digital platform enables clients to check balances, make deposits and request withdrawals at their own convenience
- Cash never leaves the UK banking system and qualifying clients will benefit from FSCS protection
- Clients have whole of market access and can select from a broad range of products from instant access accounts to long term savings products
Paul Richards, Chairman of Insignis commented, “The cash deposit industry is experiencing dramatic changes and these present great opportunities for frustrated savers and cash managers. Over nine million individuals hold between £50,000 and £5 million in liquid assets
, and Corporate and Charity cash deposits are at record levels. However, with low interest rates and the tedious process of moving cash between accounts, increasing their return on those assets has been complex and time consuming. That has now changed. Insignis provides a means for savers and investors to freely deposit and move cash between accounts, taking advantage of the best rates available and dramatically increasing their return”.
Giles Hutson, CEO of Insignis commented, “With such an extraordinary volume of cash held in inactive and extremely low rate savings and business accounts, now is the time, for the industry to start looking at cash as an actively managed asset class. With Insignis, each client experiences an efficient and transparent process and achieves the right balance of Security, Liquidity and Return”.
For more information, go to www.insignisam.com
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