Morgan Stanley Smith Barney announced today that clients may access unlimited Federal Deposit Insurance Corporation (FDIC) Insurance on cash held through its Bank Deposit Programs.
Unlimited FDIC insurance has been available to legacy Morgan Stanley clients since February and is now also available to legacy Smith Barney clients.
"This program has helped Financial Advisors attract significant new assets and keep cash ready to invest as market opportunities arise," said Cece Sutton, Head of Retail Banking for Morgan Stanley. "Our clients and Financial Advisors continue to value the security offered by this program and we are very pleased to make it available to clients of Morgan Stanley Smith Barney."
Under the FDIC's Transaction Account Guarantee Program (TAGP), funds held through the Bank Deposit Programs are eligible for unlimited FDIC insurance. Morgan Stanley Smith Barney pays supplemental FDIC insurance premiums in order to insure these deposits for its clients. The program is available to Morgan Stanley Smith Barney clients who have $2 million or more in deposits per account.
Morgan Stanley Smith Barney, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 37 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Morgan Stanley Smith Barney is a registered broker-dealer, not a bank. Unless specifically disclosed in writing, investments and services offered through Morgan Stanley Smith Barney are not insured by the FDIC, are not deposits of or other obligations of, or guaranteed by, banks and involve investment risks, including possible loss of principal amount invested. For more information about the TAGP, visit www.fdic.gov.
Investments and services offered through Morgan Stanley Smith Barney LLC, member SIPC.
© 2009 Morgan Stanley Smith Barney
Contact: Media Relations, Christy Pollak, 914.225.6827