Piper Jaffray Now Offers Clients $50 Million or More in FDIC Insurance Through CDARS
April 07 2009 - 9:06AM
Business Wire
Piper Jaffray, a leading international middle market investment
bank, now offers clients access to $50 million or more in FDIC
insurance through the Certificate of Deposit Account Registry
Service (CDARS).
A national deposit placement service, CDARS operates over a
network of 3,000 member banks. This program achieves higher FDIC
coverage by deploying large deposits into multiple federally
insured banks. For example, when an investor deposits $5 million,
the funds are disbursed over 51 network banks, providing full
insurance of both principal and interest.
�The overall uncertainty in the markets has led many investors
to seek ways to increase their investments in FDIC-insured
product,� said Tom Wright, head of the Corporate & Venture
Services group at Piper Jaffray. �Ultimately for our clients, the
key advantage of the CDARS product is the efficient access to large
blocks of FDIC-insured CDs with yields that tend to be superior to
that of Treasuries.�
Piper Jaffray offers CDARS to corporations, public entities,
partnerships, LLC�s, trusts, non-profits, fiduciaries and
individuals. Clients can choose to target seven specific maturity
dates, or may ladder their maturities to meet their cash
requirements. The investor receives a consolidated financial
statement showing all deposits, interest rates and maturity dates.
In addition, tax reporting is made simple with a single year-end
tax statement.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading, international
middle market investment bank and institutional securities firm,
serving the needs of middle market corporations, private equity
groups, public entities, nonprofit clients and institutional
investors. Founded in 1895, Piper Jaffray provides a comprehensive
set of products and services, including equity and debt capital
markets products; public finance services; mergers and acquisitions
advisory services; high-yield and structured products;
institutional equity and fixed-income sales and trading; and equity
and high-yield research. Piper Jaffray headquarters are located in
Minneapolis, Minnesota, with offices across the U.S. and in London,
Hong Kong and Shanghai. Piper Jaffray & Co. is the firm's
principal operating subsidiary. (www.piperjaffray.com)
Since 1895. Member SIPC and FINRA.� 2009 Piper Jaffray &
Co., 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota
55402-7020
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