Piper Jaffray Now Offers Clients $50 Million or More in FDIC Insurance Through CDARS
MINNEAPOLIS, Apr 07, 2009 (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)
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SOURCE: Piper Jaffray Companies
Piper Jaffray Companies
Rob Litt, 612-303-8266