Raymond James launches two new liquidity tools
Raymond James Investment Services has launched two new liquidity tools that will enable clients to compete with private banks.
The loan account will allow clients to borrow against their investment portfolio and the cash account will enable clients to earn interest on their cash awaiting investment.
Raymond James has a credit line with Pershing Securities, which will act as the lender, with interest charged at base rate plus 5%.
The cash account is managed by Raymond James and is held separately from Pershing Securities.
Raymond James director of relationship management and business support Cynthia Poole said that borrowing against investment portfolios is an attractive source of lending for high net worth investors, avoiding the need to liquidate investments which would take the client out of the market and also typically precipitate a CGT event.
"For the Cash Account, earning a reasonable rate of interest on cash awaiting investment is a convenient alternative to holding cash separately in a bank account," added Poole.
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