StoneCastle Cash Mgmt. Hires Edstrom
A press release entitled, "StoneCastle Hires Senior Schwab Executive to Further Capitalize on Rapid Growth of Insured Cash Business through Large Brokerages and RIAs tells us, "StoneCastle Cash Management, LLC ... announced today the hiring of Eric J. Edstrom as Managing Director, which became effective on March 25, 2019. Mr. Edstrom has amassed more than 20 years of expertise in bank products, FDIC insured sweep accounts, and cash management strategies through his various successes at well-respected financial firms. He will focus his efforts in advancing growth in StoneCastle's brokerage and RIA client segments." It reads, "Mr. Edstrom joins StoneCastle from Charles Schwab where he was Managing Director, Deposits and Payments. He was instrumental in the success of its High Yield Investor Checking, Investor Savings, and Schwab One platform for its bank and brokerage segments. Prior to joining Schwab, Eric was Head of Affluent Client Product and Strategy with SunTrust Bank, where he implemented their multi-billion dollar bank sweep program for the SunTrust brokerage platform. Earlier in his career Eric was Head of Liquidity Management with Janney Montgomery Scott, where he managed all money market, bank sweep, and banking services." Dan Farrell, CEO of StoneCastle Cash Management says, "We are very excited to have Eric as part of our growing team.... He is one of the most respected and well-known individuals in the cash management space and has a track record of success that will benefit our brokerage and RIA clients while securing new opportunities for StoneCastle's growth." Edstrom comments, "The industry has a responsibility to offer thoughtful leading edge products that solve client/investor needs in all market environments.... And when it comes to cash, StoneCastle is the only firm that has figured out how to decommoditize cash while simultaneously helping advisors better serve clients and grow their assets under management. I am thrilled to be a part of an organization that embodies this focus." Last month, StoneCastle hired Lisa Weisbrod, a 19-year veteran from Thomson Reuters BETA, now Refinitiv. She specialized in money markets and insured cash offerings for Refinitiv clients.
