Former Merrill Lynch directors Paul Richards and Giles Hutson have launched a new fintech firm in Cambridge, known as Insignis Asset Management.
Aimed at high net worth individuals, wealth managers, companies, charities and local authorities, the new venture will allow clients to deposit cash, starting at £100,000, into a hub account in their own name, from where it will be electronically distributed to bank accounts to offer best returns.
These deposits will have protection of Financial Services Compensation Scheme (FSCS) of up to £75,000 per person per authorised bank.
The company will offer a single interface to various banking partners.
Insignis chairman Paul Richards said: "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 £5m in liquid assets, and Corporate and Charity cash deposits are at record levels.
"However, with low interest rates and the tedious process of moving cash between accounts, increasing their return on those assets has been complex and time consuming. That has now changed. Insignis provides a means for savers and investors to freely deposit and move cash between accounts, taking advantage of the best rates available and dramatically increasing their return."
Insignis CEO Giles Hutson added: With Insignis, each client experiences an efficient and transparent process and achieves the right balance of Security, Liquidity and Return."