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Through Huntington National Bank as custodian, we offer the Fed Funds + Liquidity Account Program (the “FF+ Program”).
The liquidity is placed in various money market accounts with FDIC insured banks throughout the country. All banks within the network are “well capitalized” as per FDIC regulations. The funds invested in the FF+ Program are allocated among as many banks as necessary to maintain full FDIC insurance coverage at all times. (NO single bank will receive more than $250k, per investor)
The FF+ Program is a cash equivalent investment created for commercial banks: credit unions; bank trust department clients sweep programs; high net worth individuals; municipalities; government units; and especially investors that are restricted from investing in prime money market funds due to the new SEC rules which went into effect in October 2016.
Clients have a direct account with the custodian (in their own name) and receive a single monthly statement, either directly from Huntington or their clearing broker. Clients also have real- time online access to their account. TCG, as investment advisor, merely ensures the amounts deposited at each network bank stay within the insurance limits and that the optimal yield is achieved. All funds are completely liquid and settle next-day with respect to contributions and withdrawals.