Cash-sweep pioneer DoubleRock Corporation recently issued a press release, "Reich & Tang Asset Management, LLC Selects Liquid Insured Deposits for Its Expanded FDIC-Protected Solution," which says, "LIDs Capital LLC announced today that it and Reich & Tang Asset Management, LLC, an asset manager providing money fund and cash management services to financial firms, have entered into a license agreement to offer Liquid Insured Deposits, the brokerage industry's first expanded FDIC sweep. Investors who participate in the program will be able to receive up to $2.5 million of FDIC protection while maintaining 100% liquidity with their cash." Michael Lydon, President & CEO of Reich & Tang Asset Management, says, "We are pleased to add an FDIC deposit solution to our current offering of cash management services. The flexibility of the Liquid Insured Deposits program is what initially attracted us, and now we are pleased to be implementing a robust program from which all of our all clients can benefit.... Our clients are seeking the safety of FDIC insurance for their customers while maintaining 100% daily liquidity." John Drahzal, Managing Director, LIDs Capital, adds, "The addition of Reich & Tang to the Liquid Insured Deposits growing list of clients is outstanding. Reich & Tang has a long history of providing superior cash management programs to their clients. Adding Liquid Insured Deposits to their list of offerings underscores their commitment to addressing the most pressing concerns facing investors and savers today."
