Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, offers broker-dealer and independent registered investment advisor (RIA) customers the Certificate of Deposit Account Registry Service(R) (CDARS(R)).
The service enables Pershing’s customers to offer their clients an efficient way to invest large dollar amounts in FDIC-insured certificates of deposit (CDs). CDARS is managed by Promontory Interfinancial Network, LLC. Special offer of the service is one consolidated statement detailing clients CD investments.
CDARS provides Pershing’s customers’ clients with the ability to disperse deposits in individual CDs or time deposits in increments of less than $100,000 at member banks and financial organizations across the country–analogous to an investor purchasing CDs or time deposits at several local banks.
With the launch of the program Pershing strengthens its strategy in equity and fixed income trading, international trading, flexible cutting-edge technology, operational support and best execution. This new solution is available to introducing broker-dealer firms through Pershing LLC and to RIAs via Pershing’s affiliate, Pershing Advisor Solutions LLC.
We are pleased to provide our customers with a fixed income solution that will help them maintain their clients’ assets through an FDIC-insured offering, says Ted Bragg, managing director of fixed income sales and trading, Pershing. The addition of CDARS further reinforces our commitment to provide introducing broker-dealer firms and RIAs with the tools and capabilities they need to grow their businesses.”
L.D.