London-based Flagstone Investment Management has launched a new platform to allow wealth managers and high net worth individuals to move money more efficiently between cash deposit accounts.

UK's Flagstone Investment Management has introduced a new online platform allowing users to move money between hundreds of cash deposit accounts to get the best rates, giving the wealth sector a facility now a standard feature of the retail end of the market.

Wealth managers, charities, corporates and high net worth individuals will be able to diversify their cash exposure through the Flagstone platform, which offers access to interest rates in a range of onshore and offshore banks, without having to apply to each bank individually.

The platform applies a risk methodology to each bank to allow users to weigh up the relative risk and return before making a cash deposit. Users will also be able to keep updated on the credit strength of the banks and receive alerts as and when new rates become available.

For years, it has been noted that sectors such as family offices and private banks have often been more opaque, in terms of obtaining comparison prices and data, than the retail end of the financial spectrum. In world used to price comparison websites for retail savings, or services such ass hotels, flights and restaurants, this situation has appeared anomalous.
 
“All reporting is customised and, crucially, users only need to sign one agreement with us in order to access our entire range of cash deposits thereby significantly reducing their administration burden,” Flagstone's managing partner, Andrew Thatcher, said in a statement.

“With around £2 trillion of cash in the UK – much of it earning significantly less than market leading rates – we believe a step-change is needed in the way cash is managed. Quite simply, our technology platform allows our clients to maximise the interest paid on their cash while simultaneously managing risk.”

Flagstone was set up by a team that includes former GLG Partners principal Thatcher, former Morgan Stanley investment banker Simon Merchant, and a former Virgin Group chief financial officer, Mark Poole.