Cash Management in T odays Marketplace

penredheadΔιαχείριση

18 Νοε 2013 (πριν από 3 χρόνια και 8 μήνες)

85 εμφανίσεις

T
h
is

m
a
terial

is
for

in
f
or
m
ational

purposes

and

not

in
t
ended

as

inves
t
ment

advice.


Ca
s
h

Mana
g
eme
n
t

in

T
od
a
y

s

Mar
k
e
t
p
la
c
e




T
amp
a

Bay

A
s
s
o
ci
a
t
i
on

f
or

Fina
n
cial

P
r
ofes
s
ionals

M
a
r
ch

1
5
,
2
0
13

T
OP
I
CS

F
OR

D
I
SCU
S
SION

I.
A
b
o
u
t

Stone
Ca
s
t
le

II.
T
h
e

C
u
r
r
ent

St
a
t
e

of

t
h
e

Cash

Ma
n
a
g
ement

M
a
r
k
e
t

III.
What

T
r
eas
u
r
e
r
s

A
r
e

Se
e
king

T
o
d
a
y

IV.
Cash

Ma
n
a
g
em
e
nt

B
e
y
o
n
d

t
h
e

Big

T
h
r
ee

About

S
t
oneCa
s
tle

2

Expe
r
i
e
n
c
ed
T
eam

F
ou
n
d
e
d

i
n

2003

Pion
e
er

of

i
n
no
v
a
t
i
v
e

s
t
r
a
t
egi
e
s

in

c
om
mun
i
ty

ban
k
i
n
g


30+

p
r
o
f
es
s
i
on
a
ls

d
e
di
ca
t
ed

t
o
i
n
v
e
s
t
i
ng

in

s
e
c
t
or

Co
r
e

m
ana
g
eme
n
t

t
eam

t
o
g
e
t
h
e
r

s
i
n
c
e

1995

In
s
t
i
tu
t
i
on
a
l

Spon
s
o
r
sh
i
p

Char
l
es
bank

and

CIBC

own

mino
r
i
t
y

i
n
t
e
r
e
s
ts

in

S
t
on
e
Ca
s
t
l
e

Sub
s
t
a
n
t
i
al

owne
r
sh
i
p

h
e
ld

by

s
e
ni
or

manag
e
me
n
t

D
e
ep
Indu
s
t
r
y

R
e
l
a
t
i
on
s
hi
ps

Clo
s
e

t
i
es

t
o
S
t
a
t
e

and

F
e
d
e
r
al

ban
k
i
n
g

r
egul
a
t
o
r
s

Lo
n
g
-
t
e
r
m

r
e
l
a
t
i
on
s
hi
ps

w
i
t
h

A
B
A,

C
SBS,

o
t
h
e
r

i
n
du
s
t
r
y

g
r
ou
p
s

Highly

Spe
c
ia
l
i
z
ed

I
n
v
e
s
tme
n
t

P
l
a
t
f
o
r
m

Spe
c
ia
l
i
z
ed

i
n
-
house

ac
c
ou
n
t
i
n
g
,

l
e
g
al

and

r
egul
a
t
o
r
y

e
xp
e
r
t
i
s
e

P
r
op
r
i
e
t
ary
s
y
s
t
ems

d
e
s
i
gned

f
or

c
om
mun
i
ty

ba
n
k

i
n
v
e
s
tme
n
ts

RAMPART

w
a
s

developed

in
-
hou
s
e

to

combine

d
e
al

o
r
igination,

cr
e
dit

unde
r
w
r
it
i
ng,

CRM,


ri
s
k

manageme
n
t,


invest
m
ent

mo
n
itori
n
g

a
nd

ac
c
ount
i
ng

into


a


single


seam
l
ess


te
c
hnol
o
g
y

platf
o
r
m
,


help
i
ng


S
t
one
C
astle


overcome


t
he

f
r
agmented

nature

of

the

banking

indu
s
try
.

AB
O
UT

S
T
ONECAS
T
LE

P
A
R
T
NE
R
S,

L
L
C
-
A

S
U
M
M
A
R
Y

Lo
n
g

H
i
s
t
o
r
y

of

Suc
c
es
s

3

S
to
n
eCas
tle

P
a
r
t
n
er
s


Min
o
rity

Shareh
old
e
rs







Charlesbank

Capi
t
al

P
artners



S
p
i
n
out

of

the

f
ormer

Ha
r
v
a
r
d

e
n
d
o
w
me
n
t

p
r
i
v
a
t
e

e
q
u
i
ty

t
eam


F
oun
d
er

and

C
E
O
,

Micha
e
l

Eise
n
son,

f
ormer

P
r
e
s
i
d
e
n
t

of

Ha
r
v
a
r
d

Pri
v
a
t
e

Capi
t
al



Mana
g
es

$2+

b
i
ll
i
on

of

p
r
i
v
a
t
e

e
q
u
i
ty

i
n
v
e
s
tme
n
ts


Canad
i
an

Im
p
e
r
ial

Bank

o
f

C
omme
r
ce

(

CIB
C

)


One

of

la
r
g
e
s
t

and

b
e
s
t
-
c
api
t
ali
z
ed

ba
n
k
s

in

th
e

w
orld



$391

b
i
ll
i
on

of

as
s
et
s
1

/

$30

b
i
ll
i
on

mar
k
et

c
api
t
ali
z
a
tio
n
2



W
e
a
th
e
r
ed

and

p
r
o
f
i
t
ed

f
r
om

fina
ncial

cris
i
s

(21%

R
O
E
1
)



P
art
n
e
r
ed

with

S
t
oneCa
s
tle

t
o

i
d
e
n
tify

and

p
u
r
s
u
e

ba
n
ki
n
g

opportu
n
iti
e
s

in

th
e

U
.
S
.

1

S
o
urce:

CIBC

inv
e
stor

pres
e
ntation

(June

2
0
1
2
)


2

As

o
f

8
/
1
3
/
1
2

MINORI
T
Y

SHAREHOLDE
R
S

4


S
t
on
e
Ca
s
t
l
e

Cash

Ma
n
a
g
eme
n
t,

on

b
e
ha
l
f

its

c
l
i
en
t
s
,

has

d
e
po
s
i
t
ed

o
v
er

$2

B
i
l
l
i
o
n

in

n
e
wly

e
s
t
ab
l
i
s
h
e
d

FI
C
A

bank

ac
c
ou
n
ts

in

o
v
er

400

ban
k
s

a
c
r
os
s

th
e

U
.S.,

giv
i
ng

S
t
on
e
Ca
s
t
l
e

e
v
en g
r
e
a
t
er

r
ea
c
h

i
n
t
o

th
e

c
om
mun
i
ty

ba
n
ki
ng

s
e
c
t
o
r
.

5

N
A
T
I
O
N
AL

INDU
S
T
R
Y

RE
A
CH

Cu
r
r
e
n
t

S
t
a
t
e

of

t
he

Cash

M
ana
g
e
m
e
n
t

Mar
k
e
t

W
h
e
r
e

w
e

a
r
e

and

whe
r
e

we

ma
y

b
e

hea
d
ing

6

YIELDS:

A

S
AD

S
T
A
T
E

OF

AF
F
A
I
R
S

7

Obse
r
v
a
t
i
on
s
:


B
a
nk

d
e
po
s
i
t
s

i
n
c
r
ea
s
ed
almo
s
t

e
q
ua
l
ly

%

t
h
a
t

money

f
u
nds
d
e
c
r
ea
s
e
d


a

ret
u
rn

t
o

money

f
u
n
ds
?


Se
c
ond

bi
g
g
e
s
t

d
e
c
r
ea
s
e

f
r
om

2010
-
2012

w
e
r
e

t
r
ea
s
u
r
y

bi
l
l
s

ret
u
rn

t
o

tre
a
s
u
ry

b
i
l
l
s?


In
s
t
r
ume
n
ts

whi
c
h

s
how

c
on
s
i
s
t
e
n
t

i
n
c
r
ea
s
e

ar
e

c
om
m
e
r
c
ial

d
e
po
s
i
t
s,

s
e
pa
r
a
t
e

m
ana
g
ed

ac
c
ou
n
ts

&

muni
c
i
p
al

s
e
c
u
r
i
t
i
es

MO
S
T

CO
M
MON
L
Y

U
T
ILI
Z
ED

8

CASH

MAN
A
G
E
MENT

VEHICL
E
S

So
u
r
ce:

AFP

Li
q
u
i
d
i
ty

Su
r
v
e
y

Th
e
n:

Ban
k
s

Lob
b
ying

t
o

Ex
t
end

F
i
n
an
c
ial

C
r
is
i
s

Dep
o
sit

Gua
r
a
n
t
ee

Pr
o
g
r
am

F
o
x

B
u
si
n
e
s
s,

F
e
b
r
u
ary

15,

2012

Commu
n
ity

Ban
k
ers

Push

f
or

T
A
G

E
x
t
ensi
o
n

Am
e
ri
c
an

Ban
k
e
r
,

F
e
b
r
u
ary

17,

2012



Now:



B
i
ll

t
o

Ex
t
end

T
A
G

Pr
o
g
r
am

F
a
i
ls

in

US

S
en
a
t
e

R
e
u
t
e
r
s,

Dec
e
mbe
r

13,

2012

9

RE
CENT

HE
ADLINES



EXPIR
A
T
I
O
N

OF

FDIC

UN
L
IMIT
ED

DEPOSIT

INSU
R
AN
C
E

Th
e
n:

B
e
rna
n
k
e

Pled
g
es

t
o

K
eep Ra
t
es

L
ow

T
hru

2014:

A


V
e
r
y

P
es
s
im
i
s
t
i
c”

Out
l
o
o
k,

F
o
r
m
er

F
ed

VP

S
a
y
s

Y
a
h
oo

Fi
n
a
nce,

J
a
n
u
ary

25,

2012




Now:


F
ed

s

La
c
k
er

S
a
y
s

R
each
i
ng

6.5%

Unemp
l
o
y
me
n
t

May

T
a
k
e

3

Y
ears

B
l
o
o
mber
g
,

12/17/12

F
ed

s

Y
ell
en

b
a
c
k
s

h
o
l
d
i
n
g

ra
t
es

n
ear

z
e
r
o

t
o

2016

R
eu
t
ers

-


N
o
vember

13,

2012

F
ederal

R
ese
r
ve

E
x
pects

t
o

K
eep
I
n
t
e
r
e
s
t

Ra
t
es

L
o
w

Thro
u
gh

Mid
-
2015

ABC

N
ews



Sep
t
ember

13,

2012

10

RE
CENT

HE
ADLINES



L
O
W

TR
E
ASU
R
Y

YI
E
LD
S
,

G
E
T

U
S
ED

T
O

IT

T
h
en:

M
o
n
e
y

M
a
r
k
et

F
u
n
ds

M
a
y

F
ace

M
o
re

Ch
a
l
l
enges

New
Y
ork

T
i
mes



J
a
n
u
ary

8,

2
0
12

Will

the

Gove
r
n
m
e
n
t

P
u
t

M
o
n
e
y

M
a
r
k
et

F
u
n
ds

O
u
t

of

B
u
siness
?

T
h
e

A
t
l
a
n
t
i
c,

F
eb
r
uary

7,

2
0
12

M
o
n
e
y

F
u
n
ds

R
e
f
orms

W
o
n
’t

S
top

N
e
xt

Cr
i
sis

M
a
r
k
et
W
a
t
ch,

F
eb
r
uary

1
5,

2
0
12

Now:

S
E
C

s

Galla
g
her:

M
o
n
e
y

F
u
n
d

R
e
f
orm

‘Prima
ry


Issue

M
a
r
k
et
W
a
t
ch



1
/
1
7
/
13

M
o
n
e
y

fu
n
ds

Sti
l
l

Ps
o
e

Risks
,

F
ed

s

S
t
e
i
n

M
a
r
k
et
W
a
t
ch



1
2
/
2
3
/
12

K
e
y

S
E
C

H
o
ld
o
ut

in

M
MF

Ov
e
rhau
l

R
e
v
er
ses

S
t
a
n
ce

WSJ



1
2
/
7
/
12

Pro
p
o
s
ed

M
o
n
e
y
-
F
u
n
d

R
ules

Co
u
ld

Send

T
r
e
a
s
ure
r
s

Fle
e
ing

C
F
O
.
c
om

M
a
g
azine



1
1
/
1
6
/
12

Ge
i
th
ner

S
t
eps

up

Pr
e
ss
u
re

t
o

M
a
k
e

M
o
n
e
y

M
a
r
k
et

F
u
n
ds

Sa
f
er

Bl
o
ombe
r
g

Ne
w
s



1
1
/
1
3
/
12

M
o
n
e
y

F
u
n
d

R
e
f
orm

H
a
s

T
op

Su
p
p
o
rt

New
Y
ork

T
i
mes



1
1
/
1
3
/
12

S
E
C

s

Galla
g
her

C
a
l
l
s

for

Flo
a
ting
Price

for

Mo
n
e
y

F
u
n
d

Bl
o
ombe
r
g


9
/
2
7
/
1
2

S
t
ud
y
:

78

mo
ne
y

ma
r
k
et

f
unds

we
r
e

a
t

risk

of

b
r
eaking

buc
k

USA

T
od
a
y


8
/
1
3
/
1
2

11

RE
CENT

HE
ADLINES



MONEY

M
ARK
E
T

FUNDS

NO

S
E
C
-
N
O
W

WH
A
T

Wh
a
t

T
r
ea
s
u
re
r
s

A
r
e

Seeking

T
od
ay

12

Mos
t

Importa
n
t

S
h
ort

T
erm

In
v
e
s
tme
n
t

Ob
j
ecti
v
es
:

13

Compa
n
ies

c
ontin
u
e

t
o

i
n
v
e
s
t

c
o
n
s
e
r
v
a
ti
v
ely…

*

So
u
r
c
e:

2
0
12

Asso
c
iation

for

F
i
n
a
n
c
ial

Profession
als

Liq
u
idity

S
u
rvey

WH
A
T

TR
E
ASU
R
E
R
S

ARE

S
EE
K
ING

T
O
D
A
Y

2012

2011

201
0

Sa
f
ety

77%

77%

76
%

Li
q
ui
d
ity

21%

18%

22
%

Y
ield

2%

5%

2%


E
v
e
n
ts

of

p
a
s
t

3

y
ea
r
s


Conse
r
v
a
ti
v
e

natu
r
e

So
u
r
ce:

2
0
12

As
s
oc
i
ation

f
or

Fi
n
anc
i
al

P
r
o
f
e
s
sio
n
als

Li
q
u
i
d
i
ty

Su
r
v
e
y

DRIVING

SEN
T
IMENT

14

Cash

Mana
g
em
e
n
t

B
e
y
ond

the

Big

Th
r
ee

15

THE

NEW

RE
ALI
T
Y
:

BE
Y
O
N
D

T
HE

BIG

THREE

16

"
R
eg
u
lar

o
pp
or
t
u
n
i
t
ies

e
xi
s
t

t
o

p
u
r
chase

f
u
ll

f
ai
t
h

a
n
d

c
r
e
d
it

i
n
s
t
r
u
ments

of

t
he

U
.S.

g
o
v
ern
ment

a
t

sp
r
ea
d
s

of

40

t
o

50

b
asis

p
o
ints

a
b
o
v
e

o
t
h
e
r
wise

c
om
p
a
r
a
b
le

b
u
t

more

liq
u
i
d

treasury

is
s
u
es
.





-

D
a
vid

S
w
e
n
sen
,

C
I
O
,

Y
ale

Uni
v
e
r
si
t
y

17

TH
E
RE

IS

HOPE

(AND

OPPO
R
T
UNIT
IE
S
)


Se
p
a
r
a
t
ely

M
a
n
a
g
ed

Ac
c
o
u
nts



US

Governme
n
t

A
g
ency

Short

Du
r
a
ti
o
n

MBS

P
o
rt
f
o
lio






Ex
t
e
n
d
e
d

F
D
IC

Ins
u
r
ed

P
r
og
r
ams


Li
q
uid


T
erm





Ot
h
e
r
s
?

18

THE

NEW

RE
ALI
T
Y
:

BE
Y
OND

T
HE

BIG

THREE

THE

NEW

RE
ALI
T
Y
:

BE
Y
OND

T
HE

BIG

THREE

19

W
h
y

Are

M
a
n
y

Co
r
po
r
a
t
e

T
r
e
a
sure
r
s

Now

Usi
n
g

or

Co
n
s
i
de
r
i
n
g

S
e
pa
r
a
t
e

A
c
co
u
n
ts

as

P
art

of

T
h
eir

Cash

M
a
na
g
e
m
e
n
t

St
r
a
t
e
g
y?


Sepa
r
a
t
e

ac
c
o
u
n
ts

a
r
e

si
m
ple

a
n
d

e
a
s
y

t
o

s
e
t

up

a
n
d

a
d
mini
s
t
e
r
.


De
t
er
m
ine

a
n
d

c
ont
r
ol

liq
uid
ity

n
e
e
ds.


De
v
elop
a

set
of

in
v
e
s
tme
n
t

guid
elines

f
or

q
u
alit
y
,

i
n
t
e
r
e
s
t

r
a
t
e

risk

e
xp
o
su
r
e

a
n
d

liq
u
idi
t
y

t
o

ensu
r
e

t
h
a
t

p
ort
f
olio

s
y
nch
ro
n
i
z
es

with

y
o
u
r

i
n
v
e
s
tme
n
t

p
o
licie
s
.


Del
e
g
a
t
e

i
n
v
e
s
tme
n
t

a
u
t
h
ority

in
t
ernally
a
n
d
/
or

t
o

o
u
tside

man
a
g
e
r
s.


Ou
t
side

man
a
g
e
r
s

g
ene
r
ally

w
ork

with

y
o
u
r

e
xi
s
ti
n
g

cu
s
t
o
d
y

r
el
a
tio
n
ships.

THE

NEW

RE
ALI
T
Y
:

BE
Y
OND

T
HE

BIG

THREE

20

When

Sele
c
ting

Ou
t
s
i
de

M
ana
g
ers



Lo
o
k

f
o
r
:





Consi
s
t
e
n
t

low

risk

i
n
v
e
s
tme
n
t
a
p
pr
o
a
ch

t
o

e
m
p
h
asizing

ul
t
r
a
-
high

q
u
ality

v
ery

liq
u
id

s
e
curi
t
ies

a
n
d

d
e
fined

d
u
r
a
tion

p
a
r
ame
t
e
r
s.

GIPS

c
omplia
n
t

lo
n
g
-
t
erm

per
f
orma
n
ce.

Cl
e
a
r
,

v
al
u
e
-
a
d
ded

i
n
v
e
s
tme
n
t

pr
oce
s
s.

P
e
r
sonal

e
xperience

in

s
t
r
a
t
egy

AND

man
aging

c
or
p
o
r
a
t
e

c
ash.

St
r
o
n
g

c
ommuni
c
a
tion

skills

a
n
d

acce
s
s

t
o

s
enior
man
a
g
e
m
e
n
t.

Ti
m
ely

r
epor
t
ing

in

an

ea
s
y

t
o

use

f
orm
a
t.

US

G
o
v
ernment

A
g
e
n
cy

S
h
ort

Dur
a
ti
o
n

M
B
S

St
r
a
t
egy

21

100%

U
.S.

G
o
v
e
r
nme
n
t

Ag
e
n
c
y

M
BS

s
e
c
u
r
i
t
i
e
s

(
G
i
n
ni
e

Ma
e
,

F
ann
i
e

Ma
e
,

F
r
e
d
di
e

Mac)




High

Qua
l
i
t
y

G
o
v
/
Ag
e
n
c
y

C
r
e
d
it

R
a
t
i
ng




Highly

Li
q
ui
d

M
ar
k
et




Da
i
ly

L
i
qu
i
di
ty

and

T
r
ans
p
a
r
e
n
cy




S
t
ab
l
e

and

Low

V
o
l
a
t
i
l
i
ty




A
t
t
r
act
i
ve

Y
i
e
ld

O
v
er

Compa
r
ab
l
e

T
r
ea
s
u
r
i
e
s,

M
u
ni

s,

Cor
p
o
r
a
t
es
,

M
o
n
e
y

Ma
r
k
e
t
s

e
t
c.




E
m
pha
s
is

on

R
i
sk

Ma
n
a
g
eme
n
t:

Id
e
n
t
i
f
y
i
n
g
,

M
e
asu
r
i
n
g

and

Co
n
t
r
o
l
l
i
ng

R
i
sk

HIGH

Q
U
ALI
T
Y

SHO
R
T

DU
R
A
NT
I
ON

FIXED

IN
C
OME

YIELD

P
R
OF
I
LE

22


Primarily

a

s
e
r
i
e
s

of

el
e
ct
r
oni
c
ally
-
li
n
k
ed

ba
n
k

d
e
posit

accou
n
ts

a
t

one
or

m
o
r
e

b
an
k
s

a
v
aila
b
le

within

a

s
i
n
g
le

accou
n
t





F
D
IC

opini
on

allows

f
or

pass

th
r
ough

of

F
e
d
e
r
al

De
p
osit

In
s
u
r
ance

Corpo
r
a
tion

(FDIC)


Lo
o
k

f
or

L
e
tt
er

f
r
om
FDIC

Con
f
i
r
ming

O
f
f
e
r
i
n
g

M
e
e
t
s

FDIC

R
e
q
ui
r
eme
n
ts





P
r
og
r
ams

c
an

of
f
er

e
x
t
e
n
d
e
d

F
D
IC

i
n
s
u
r
ance

as

a

r
e
s
u
l
t

of

h
a
ving

mul
ti
p
le

ba
n
k
s

or

s
a
vin
g
s

i
n
s
tit
u
tion
s
,

each

p
r
o
v
i
d
i
n
g

up

t
o

$250,000

o
f

in
s
u
r
ance.





T
w
o

t
ype
of

p
r
og
r
ams
-
T
e
r
m

(uti
l
i
z
es

CDs)

and

Liqu
i
d

(uti
l
i
z
es

MM
D
A)





P
r
og
r
ams

c
an

of
f
er

f
r
om

$500,000

t
o

$50

mill
i
on

p
l
us

of

F
D
IC

i
n
s
u
r
ance

via

a

s
i
n
g
le

accou
n
t,

p
e
r

t
a
x

i
d
.

23

What

is

an

Ex
t
e
n
d
e
d

F
D
IC

Ins
u
r
ed

Ac
c
o
u
nt?

EX
T
END
E
D

FDIC

INSU
R
ED

A
C
C
OUN
T
S

EX
T
END
E
D

FDIC

INSU
R
ED

A
C
C
OUN
T
S:

HI
S
TO
R
Y


Similar

p
a
th

of

money

f
u
nds


R
e
t
ail


Ind
i
v
i
dua
l
s

w
ou
l
d

o
p
e
n

ac
c
ou
n
ts

a
t

di
f
f
e
re
n
t
ban
k
s

t
o

ac
c
es
s

FDIC

i
n
su
r
an
c
e

b
e
y
ond

i
n
di
v
i
dual

ba
n
k

l
i
mit
s
.


Then

B
r
o
k
e
r
a
g
e


In

1999,

M
e
r
r
i
l
l

L
y
n
ch

b
e
g
an

‘ban
k
e
r
a
g
e’

t
r
e
n
d

wi
t
hi
n

b
r
o
k
e
r
a
g
e

c
om
mun
i
ty


And

T
od
a
y
,

In
s
t
i
tu
t
i
on
a
l


R
e
c
ogni
z
ed

in

2012

AFP

Li
q
uidi
ty

Su
r
v
ey


C
D
ARS:

de
p
o
s
i
t
s
pl
a
c
ed

in

CDs


F
I
C
A
:

Depo
s
i
t
s

pl
a
c
ed

in

M
M
D
A

24


Sa
f
e
t
y


D
e
po
s
i
t
s

FDIC

Insu
r
ed


“No

i
n
s
u
red

dep
o
si
t
or

h
a
s

ever

l
o
s
t

a

pe
n
n
y

of

FDIC

i
n
s
u
red

dep
o
si
t
s


a
n
d

n
o
ne

ever

wi
l
l
.




FDIC

S
t
a
t
eme
n
t


FDIC

i
n
su
r
an
c
e

is

f
u
nd
e
d

by

f
e
e
s

ass
e
ss
e
d

t
o

ban
k
s




Li
q
uidi
ty


M
M
D
A

p
r
og
r
ams

h
a
v
e

no

t
e
r
m

c
om
m
i
t
me
n
ts




Y
i
e
ld


Can

o
f
f
er

a

p
r
emium

o
v
er

all

t
y
p
es

of

money

f
un
d
s,

t
r
ea
s
u
r
i
e
s

and

sh
o
rt

t
e
r
m

C
Ds




T
r
ans
p
a
r
e
n
cy


Abi
l
i
t
y

t
o
v
i
ew

wh
e
r
e

all

d
e
p
os
i
t
s

pl
ac
e
d


All

d
e
po
s
i
t
s

pl
ac
e
d

i
n

US,

FDIC

i
n
su
r
ed
ban
k
s
/
s
a
v
i
ngs

i
n
s
t
i
tu
t
i
ons




Co
n
t
r
ol


Un
l
i
k
e

a

mon
e
y

f
und

or

po
o
l,

h
a
v
e

di
r
e
c
t

own
e
r
sh
i
p

o
f

unde
r
l
y
i
n
g

dep
o
s
i
t

(vs.
o
wn

a

%

of
a

f
un
d
/po
ol
)
,not

impac
ted

by

ac
t
i
ons

of

o
t
h
e
r
s


Abi
l
i
t
y

t
o
opt

o
u
t

of

sp
e
c
i
f
i
c

ban
k
s




D
i
v
e
r
s
i
f
i
ca
t
i
on






No

one

i
n
s
t
i
tu
t
i
on

has
mo
r
e

then

$250,000

p
e
r

T
a
x

ID



25

WHY

A
T
TRACT
I
VE

For

in
f
or
m
ational

purposes

only.

Past

perform
a
nce

is
not

a

guar
a
ntee

of

fu
t
ure

resul
t
s.

Rat
e
s

are

subject

to

ch
a
nge

without

not
i
ce.

Sources:

B
l
oombe
r
g
.
com,

iMoneyNet.

&

Bankr
a
te
.
com

M
M
A

Overnight

Aver
age


Per
for
m
ance

is
based

on

the

top

perfor
m
ing

Ins
ti
tu
t
ion
a
l

Prime

M
oney

M
a
r
k
et

F
und

a
ccording

to

i
M
oneyNe
t
.

As

provided

by

sources

thought

to

be

r
el
i
able.

Rat
e
s

can

and

do

di
f
fer

acr
oss

ind
i
vidual

cl
i
ent
s.

Rate

ref
l
ected

is
for

in
f
or
m
ational

purposes

only

H
ISTORICAL

Y
I
E
LDS

(Cumulative)

T
O
D
A
Y
’S

YI
E
LD

A
D
V
A
N
T
A
GE

26

Ex
t
end
ed

F
D
IC

I
n
su
r
ed

Ac
c
ou
n
t

Si
n
gle

App
l
i
c
ation

T
erms

and

Con
d
it
i
o
n
s

V
i
a

wi
r
e

FD
I
C
-
i
n
su
r
ed

b
ank

dep
o
sit

acc
o
unts;

o
n
ly

“well

cap
i
t
al
i
z
ed”

banks

(as

def
i
ned

by

the

FD
I
C)

per
mi
t
t
ed

27

Mon
e
y

M
a
r
k
et

Funds

Si
n
gle

App
l
i
c
ati
o
n

P
r
ospectus

V
i
a

wi
r
e

As
s
et
-
bac
k
ed

Sec
u
r
i
ties

Bank

Dep
o
sit

Acc
o
unts,

C
Ds

and

T
Ds

Col
l
a
t
e
r
al
i
z
ed

Loan

A
g
r
eements

Comme
r
c
ial

P
aper

Cor
p
o
r
a
t
e

Bo
n
d
s

Fl
o
ating
-
r
a
t
e

P
r
o
d
ucts

Gov
e
r
n
ment

Ag
e
ncy
N
o
t
es

U
.S.

T
r
ea
s
u
r
ies

Month
l
y


See
k
s

to

ma
i
n
t
ain

$1

N
A
V

(n
o
t

gua
r
an
t
eed)

Ac
c
ou
n
t

Op
e
ni
n
g

Go
v
erning

Docume
n
t
Deposi
t
s/
R
ede
m
pt
i
ons

Underl
y
ing

P
ort
f
ol
i
o

P
ort
f
ol
i
o

T
r
anspar
e
ncy

Sa
f
ety

Dai
l
y


Pr
i
nc
i
pal

and

in
t
e
r
est

bac
k
ed

by

f
u
ll

f
aith

and

c
r
ed
i
t

of

the

U
.S.

gov
e
r
n
ment

E
v
e
ry

M
o
nd
a
y

In
t
e
r
est

1
0
9
9

I
NT


.27%

(ba
l
ances

up

to

$
1
5
mm)

Liqui
d
ity

I
n
co
m
e

Y
ear

E
n
d

T
a
x

F
orm

Y
iel
d

(as

of

0
3
.
0
1
.
1
3
)

Same
-
d
a
y

s
e
t
tlement

Divide
n
d


1
0
9
9

D
I
V


.05%

F
o
r

informational

p
u
rpos
e
s

o
n
ly.

Past

p
e
rfo
r
mance

is

n
o
t

a

gua
r
ant
e
e

of

fut
u
re

results.

Rates

a
re

su
b
ject

to

change

w
i
th
o
ut

n
o
tice.

AS

C
OM
P
ARED

T
O

M
ON
E
Y

FUNDS

F
o
r

informational

p
u
rpos
e
s

o
n
ly.

Past

p
e
rfo
r
mance

is

n
o
t

a

gua
r
ant
e
e

of

fut
u
re

results.

Rates

a
re

su
b
ject

to

change

w
i
th
o
ut

n
o
tice.

28

AS

C
OM
P
ARED

T
O

M
O
S
T

C
OMMON

CASH

M
ANAGEMENT

VEHICL
E
S

P
rod
u
ct

Pr
o
ble
m
s

The

FICA

S
o
l
u
t
i
o
n

Tr
e
a
s
u
r
i
e
s

Li
t
tle

to

no

yield

Li
t
tle

to

no

co
m
p
e
n
s
a
t
i
o
n

for

intr
o
d
u
c
ing ba
n
k

P
r
ov
i
des

an

a
ttractive

y
i
e
ld

F
u
lly

Insured

Money

m
a
rket

mut
u
al

f
u
nd sw
e
e
p
s

N
o
t

insured

Potenti
a
l

he
a
dl
i
n
e

r
i
s
k
-

Eu
r
o
p
ean

Debt E
x
posu
r
e,

F
l
o
ating

N
A
V

His
t
o
r
i
cally

low

yiel
d
s

Li
t
tle

to

no

co
m
p
e
n
s
a
t
i
o
n

for

intr
o
d
u
c
ing ba
n
k

O
f
fer

access

to

m
u
lti
-
mill
i
o
n
-
do
l
l
ar
prote
c
ti
o
n

t
h
a
t

i
s

b
acked

by

t
h
e

f
ull

faith

a
nd cre
d
it

of

the

f
e
d
e
r
al

gov
e
r
n
m
e
n
t

Att
r
a
c
tive

yiel
d
s

C
D
A
Rs

C
D

p
r
og
r
ams

have

te
r
m

c
o
n
s
tr
a
i
nts

C
o
stly

s
e
t

u
p

a
n
d

m
a
inte
n
ance

fees

N
e
e
d

f
o
r

r
eciprocity

o
f

de
p
osi
t
s

E
xpense

f
o
r

e
ach

d
o
llar

i
n
t
r
o
d
uced

i
n
to p
r
og
r
a
m

N
o
t

r
e
c
iprical

Si
m
p
l
e

a
n
d

e
a
s
y

accou
n
t

set

up

a
nd

s
u
p
p
o
rt

Work

with

a
n

i
n
d
u
s
t
r
y

lea
d
er

and

r
e
source

N
o

set

u
p
,

m
a
i
n
t
enance

or

other

f
ees.

R
e
p
o

s
w
e
eps

/

C
o
ll
a
t
era
l
i
z
ed deposi
t
s

Eli
g
ible

ass
e
ts

required

A
s
s
e
t
s

m
u
s
t

be

m
a
rk
e
d
-
to
-
market

Pled
g
i
ng

r
eq
u
i
r
e
men
t
s

reduce

ass
e
t li
q
ui
d
ity

C
o
st

a
n
d

a
d
m
in
i
st
r
a
t
ive

b
u
r
d
e
n

a
f
fect p
r
o
f
it

pote
n
ti
a
l

N
o

o
n
g
o
ing

c
o
ll
a
t
e
r
al
i
z
a
t
i
on

a
n
d

t
r
a
cking b
u
rdens

I
m
prove

margins

by

r
e
d
ucing

c
o
ll
a
t
e
r
al r
e
q
u
i
r
e
me
n
ts

Easy

to

e
x
pl
a
in,

e
a
sy

to

u
n
d
e
r
st
a
nd

1.
Cli
e
n
ts

d
e
po
s
it

f
u
nds

v
i
a

wi
r
e

di
r
e
c
t
l
y

i
n
t
o

a

s
ingle

c
u
s
t
od
i
al

ac
c
ou
n
t
.


2.
The

a
p
po
i
n
t
ed
admin
i
s
t
r
a
t
or

p
r
o
v
i
d
es

th
e

C
u
s
t
od
i
an

w
i
th

i
n
s
t
r
u
c
t
i
ons

th
a
t

di
r
e
c
t

th
e

al
l
o
c
a
t
i
on

of

th
e

funds

ac
r
os
s

th
e

P
r
og
r
am

B
a
n
k
s.

The

i
n
s
t
r
u
c
t
i
ons

a
r
e

v
e
r
i
f
i
e
d

by

t
he

Cu
s
t
od
i
an

p
r
i
o
r

t
o

e
x
e
c
u
t
i
on.


3.
Upon

v
e
r
i
f
i
c
a
t
i
on

of

t
he

al
l
o
c
a
t
i
on

i
n
s
t
r
u
c
t
i
on
s
,

th
e

Cu
s
t
od
i
an

al
l
o
c
a
t
es

th
e

funds

as

d
e
po
s
i
t
s

ac
r
os
s

th
e

P
r
og
r
am

B
a
n
k
s.


4.
Cli
e
n
t

r
e
c
e
i
v
es

a

s
ingle

c
on
f
i
r
m
a
t
i
on,

wi
t
h

ab
i
l
i
ty

t
o

v
i
ew

d
e
p
os
i
t
s

by

ban
k
.

H
O
W

EXTE
NDED

FDIC

INSU
R
ED

P
R
O
G
RAMS

WOR
K
S

29

Di
s
closu
r
es

30

U
.S.

B
ank,

N.

A.

is

n
o
t

aff
i
l
ia
t
ed

with

St
o
neCast
l
e

P
artne
r
s,

L
L
C.

and

i
s

n
o
t

r
e
s
p
o
nsib
l
e

f
o
r
,

and

d
o
es

n
o
t

gua
r
an
t
ee

the

p
r
o
d
ucts,

se
rv
i
ces

or

per
f
o
r
mance

of

its

aff
i
l
ia
t
es

and

thi
rd

party

p
r
ovi
d
e
r
s.

T
h
is

d
o
cument

is

f
or

i
n
f
o
r
matio
n
al

pu
r
p
o
se
s

o
n
ly

and

does

n
o
t

c
o
n
s
titu
t
e

an

of
fer

t
o

se
ll

or

a

sol
i
c
i
t
ation

of

an

o
f
f
er

t
o

bu
y
.

It

c
o
n
t
ai
n
s

a

p
r
el
i
mi
n
ary
summary

of

the

p
u
r
p
ose

and

pr
i
nc
i
pal

b
u
siness

p
u
r
p
o
se

of

FI
C
A
®
;

this

summary

d
o
es

n
o
t

pu
r
p
o
rt

t
o

be

com
p
le
t
e

and

is
q
u
al
i
f
i
ed

in

its

enti
r
ety

b
y

r
e
f
e
r
ence

to

the

mo
r
e

de
tai
l
ed

d
i
scu
s
sio
n
s

c
o
n
t
ai
n
ed

in

the

FI
C
A
®

Acc
o
u
n
t
Cust
o
dy

Ag
r
eement,

T
erms

and

Con
d
it
i
o
n
s,

and

I
n
vestor

R
ep
r
e
s
en
t
atio
n
s

and

Con
t
act

(

Ag
r
eement
s
”).

Be
f
o
r
e

making

a

decisi
o
n

with

r
e
s
pect

to

Sto
n
eCastle

Cash

Manag
e
men
t

s

FI
C
A
®
,

p
o
t
ential

c
l
ie
n
ts

a
r
e

advised
to

ca
r
efu
l
ly

r
ead

the

r
e
s
pective

Ag
r
eements

and

to

c
o
n
sult

with

the
i
r

t
ax,

le
g
al

and

f
i
n
anc
i
al

advise
r
s.



T
h
is

d
o
cument

is

be
i
ng

p
r
ovi
ded

to

y
ou

o
n

a

c
o
nf
i
dent
i
al

ba
s
is

sole
l
y

to

as
s
i
s
t

y
ou

i
n

deci
d
i
n
g

whether

or

n
o
t

the

FI
C
A
®

P
r
og
r
am

is

ap
p
r
o
p
r
i
a
t
e

f
or

y
o
u
.

Acc
o
r
d
i
ngl
y
,

this

d
o
cument

m
a
y

n
o
t

be

r
ep
r
o
d
uced

in

who
l
e

or

par
t,

and

m
a
y

n
o
t

be

d
el
i
ve
r
ed

to

a
n
y

pe
r
son

with
o
ut

the

c
o
nsent

of

StoneCast
l
e

Ca
s
h

Mana
g
ement,

L
L
C
.



StoneCast
l
e

Ca
s
h

Mana
g
ement,

L
L
C,

i
s

an

af
f
i
l
ia
t
e

of

StoneCast
l
e

P
artne
r
s,

L
L
C,

a

l
ead
i
ng

a
sse
t

manage
m
ent

and

fi
n
anc
i
al

se
rv
i
ces

f
i
rm.

StoneCast
l
e

Ca
s
h

Mana
g
ement

is

an

i
n
vestment

adviser

r
e
g
i
s
t
e
r
ed

with

the

U
.S.

Sec
u
r
i
ties

and

E
x
cha
n
ge

Comm
i
s
s
i
on

(S
E
C).

R
e
g
i
s
t
r
ation

with

t
h
e

S
E
C

d
o
es

n
o
t

im
p
ly

a

pa
r
tic
u
lar

level

of

s
k
i
l
l

or

t
r
ai
n
i
n
g.

F
or

mo
r
e

i
n
f
o
r
mation

r
ega
r
d
i
ng

the

f
i
rm,

p
l
ea
s
e

see

o
u
r

F
o
r
m

A
D
V

P
arts

I

and

2

on

f
i
le

w
ith

the

S
E
C.

For

a
d
dition
a
l

informati
o
n:


Er
i
c

L
a
nsky


(2
1
2)

3
5
4
-
6
5
0
0

ext

3
8
8


ela
n
sk
y
@st
o
n
e
castlepar
t
n
ers.c
om

31

DISC
L
OSU
R
E
S