central assets account
Asset Management Account
An account at a bank or other financial institution that allows the account holder to place money for both banking and investment services. When money is placed into the account, it is automatically placed into a money market account, which carries a higher interest rate than normal checking or savings accounts. The account holder can then direct the money to various banking and investment services. Asset management accounts were allowed after the passage of the Gramm-Leach-Bliley Act, which allowed financial institutions to offer both banking and investment services for the first time since at least the Great Depression.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
central assets account
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.