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June 14, 2016 at 01:00 AM
Paul Richards, a former executive at Bank of America Corp., is the latest senior ex-banker to start a financial technology company, with a focus on cash savings for wealthy clients.
Richards, who retired from the U.S. company in 2014 after almost three decades, has opened Insignis Asset Management, a cash management company that collates multiple bank accounts for high-net-worth customers, according to a statement on Monday. The former co-head of Europe, Middle East and Africa corporate banking and debt capital markets at Bank of America, is chairman of the new Cambridge, England-based firm. Giles Hutson, who previously worked under him at the investment bank, is chief executive officer.
Insignis will offer a cash deposit service to wealthy clients, starting from 100,000 pounds ($141,320), which electronically distributes money to other bank accounts that give the best returns.
