Certificate of Deposit Account Registry Service helps clients spread cash. Clearing firm Pershing is marketing a third-party certificate of deposit-management service to RIAs and introducing broker-dealers. The Certificate of Deposit Account Registry Service (CDARS), managed by Arlington, Va.-based Promontory Interfinancial Network, lets Pershing-supported investment advisors and independent brokers offer their clients an efficient way to invest large dollar amounts in FDIC-insured CDs.

Parking cash

"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," says Ted Bragg, Pershing's head of fixed income sales and trading. "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."

CDARS lets clients disperse deposits in individual CDs or time deposits in increments of less than $100,000 at member banks and financial organizations around the U.S. It's supposed to have the same effect as going out and buying CDs at several banks -- except CDARS makes it quicker and the deposit owner ends up with a consolidated statement.

Jersey City, N.J.-based Pershing is a subsidiary of Bank of New York Mellon. -FWR

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