New fintech platform for cash savings launched by ex-Merrill Lynch directors
Paul Richards and Giles Hutson, Insignis, promise to revolutionise how clients manage their cash deposits
Two former Merrill Lynch directors, Paul Richards and Giles Hutson, have unveiled a new fintech venture, Insignis Asset Management.
Insignis, a cash management company, is set “to revolutionise how clients manage their cash deposits”, the founders say.
The Insignis Digital Banking Network will enable clients to deposit cash, starting from £100,000, into a hub account, held in their own name, from where it is electronically distributed to bank accounts that give the best returns.
There will a single interface to multiple banking partners.
Clients’ deposits receive the Financial Services Compensation Scheme (FSCS) protection up to £75,000 per person, per authorised bank.
Insignis is aimed at high net-worth individuals (HNWI), wealth managers, companies, charities and local authorities.
The founders promise fast client onboarding that needs to be done only once; a digital platform that enables customers to transact online; and “whole of market access” with a broad choice of products, from instant access accounts to long-term savings.
Richards, who is Insignis’ chairman comments: “The cash deposit industry is experiencing dramatic changes and these present great opportunities for frustrated savers and cash managers.
“Over nine million individuals hold between £50,000 and £5 million in liquid assets, and corporate and charity cash deposits are at record levels.”
Hutson, CEO of Insignis, adds: “With such an extraordinary volume of cash held in inactive and extremely low rate savings and business accounts, now is the time, for the industry to start looking at cash as an actively managed asset class.”
