Reich & Tang Asset Management LLC, which is based in Boston and Paris, has purchased the assets of three of New York-based Double Rock Corp.’s businesses: Liquid Insured DepositsSM, Demand Deposit MarketplaceSM and On-Balance-Sheet SweepSM.

Liquid Insured DepositsSM is an FDIC-insured cash sweep option that gives broker dealers the opportunity to offer their customers up to $2.5 million of FDIC protection coupled with daily liquidity, according to a statement. Demand Deposit MarketplaceSM provides banks the ability to manage their liquidity needs by sending and/or receiving deposits to and from other network banks. On-Balance-Sheet SweepSM helps banks grow and retain core deposits by giving them the ability to pay interest on excess balances held in customer checking accounts through a fully compliant sweep.

"This reinforces Reich & Tang’s position as a leading provider of bank deposit products," said Michael Lydon, president and CEO of Reich & Tang. "We have seen tremendous growth in this marketplace as institutions and retail clients seek safe havens from volatile markets, and we expect this industry to continue to grow in the upcoming years."