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MIAMI, March 26, 2019 (GLOBE NEWSWIRE) -- CDC Deposits Corp. (CDC) announced today that it has become the first cash management provider to become a signatory to the UN-Supported Principles for Responsible Investment (PRI).
“CDC offers the only social impact solution for cash management, which is a new area of focus for the PRI,” says William R. Burdette, CDC President. CDC supports nonprofits around the country through a network of community bank and depositor relationships activated through CDC’s Impact Deposit Program. “Becoming a signatory of the PRI reinforces our commitment to environmental, social and governance (ESG),” said Mr. Burdette.
“CDC’s commitment to responsible investment strategies makes them a welcome addition to the PRI,” said the PRI CEO Fiona Reynolds. “As our first cash management provider signatory, we think this sends a good message to markets that cash deposits can be used by individuals, foundations, and other stakeholders to achieve real world impact on ESG issues.”
Since 2003, CDC has worked with partner banks to protect and manage large cash deposits through a single account on behalf of its clients. CDC was one of the first network managers in the U.S. to offer institutions the ability to distribute funds into money market accounts at multiple banks across the U.S with no more than $250,000 in any one bank so that all funds in the program remain FDIC insured.
Uniquely, CDC’s Impact Deposit Program also helps to accelerate beneficial social outcomes. CDC generates positive social impact for local communities and causes through proactive program development between more than 500 banks and charitable organizations to help drive community investment and philanthropic activities. Additionally, CDC donates a portion of its earnings from deposits directly to nonprofits to fund socially impactful programs. To date, CDC’s Impact Deposit Program has generated donations of over $7.5 million to nonprofit organizations in communities served by the CDC banking network.
About CDC Deposits Corp.
CDC Deposits Corp. is a purpose-driven company that proactively builds mutually beneficial relationships between community banks, nonprofits, and partners to accelerate positive economic and social outcomes. Since 2003, the company has operated a cash deposit management network in the U.S., through which it has managed billions of dollars on behalf of high net worth individuals, family offices, foundations, corporations, and institutions. To learn more, visit www.cdcdeposits.com.
About the PRI
The UN-supported Principles for Responsible Investment (PRI) is the world's leading proponent of responsible investment. The six Principles for Responsible Investment are a voluntary and aspirational set of investment principles for incorporating ESG issues into investment practices. In implementing the principles, signatories contribute to developing a more sustainable global financial system. The principles have signatories including asset owners, investment managers, and service providers from over 65 countries. To learn more, visit www.unpri.org.
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