On February 1, 2017, Stone Castle Insured Cash Sweep; a subsidiary of StoneCastle Cash Management, LLC announced its acquisition of insured sweep business which was owned by Intermedium Financial, LLC. Stone Castle Cash management is a top provider of insured deposit services and technology to institutional investors. The acquisition of sweep business from Intermedium is a huge boost for StoneCastle considering that it is one of the leading companies offering insured deposit services and they plan to expand to reach segments such as financial advisor, 401k and broker-dealer.
The chief executive officer of StoneCastle, Stephen Rotella, stated that they plan to be an undifferentiated and disruptive force in the insured sweep industry business. He said that the InterLINK platform, which was part of the transaction, strengthens their technology-driven business and only serves to expand StoneCastle’s distribution options. StoneCastle has one of the largest bank networks in the country and an extensive sales and marketing experience in catering for the needs of institutional clients.
Before Stephen Rotella became head of StoneCastle, he was the president of Chase Manhattan Mortgage Corporation. He served as the executive vice president of JP Morgan Chase and the chief executive officer of Chase Home Finance, LLC since 2001. From January 10, 2005, to October 2008, Mr. Rotella served as the president and chief operating officer of WMI Holdings. He was the president of retail banking while at WMI Holdings for around four months (June 2008 – October 2008).
At, WMI Holdings, Mr. Rotella was in charge of mortgage, commercial and retail areas of the business. He was also the head of the technology group and oversaw the daily activities at the company. Stephen served as the acting head of home loans division at WMI and was part of the team that formed the community development group at JP Morgan Chase. He was the executive vice president of servicing at Chase Manhattan mortgage company (1991-1998). Stephen Rotella served as the senior vice president of finance, product development, and marketing from 1987 to 1991. Before joining Chase, he worked in the mutual fund, retail brokerage, and systems consulting industries. Stephen holds a Bachelor’s degree in Economics from the State University of New York at Stony Brook.