Pershing LLC has been a leading global provider of financial business solutions for almost 75 years, serving many of the world’s most respected financial organizations. We remain committed to the safekeeping, servicing, segregation and reporting of our global client assets.
Financial StrengthSeptember 30, 2013
Pershing's core financial strength provides the foremost measure of the protection of global client assets. Our parent company, BNY Mellon, is a leading provider of financial services for institutions, corporations and high-net-worth individuals. Pershing’s financial strength does not protect against loss due to market fluctuation.
Evaluation and Segregation of Assets
As required, Pershing segregates clients' fully paid-for assets from our own to ensure the return of client assets in the unlikely event of the financial failure of Pershing.
Understanding the Protection of Assets
Securities Investor Protection Corporation (SIPC®) Coverage
Pershing is a member of SIPC, which protects securities clients of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at SIPC.
Excess of SIPC Coverage Led by Lloyd's
In addition to SIPC protection, Pershing provides coverage in excess of SIPC limits from certain underwriters at Lloyd's, in conjunction with another commercial insurance company.1 The excess of SIPC insurance program is valid through February 10, 2014 for Pershing LLC accounts. It provides the following protection for Pershing LLC’s global client assets:
SIPC and the excess of SIPC insurance policy do not protect against loss due to market fluctuation.
An excess of SIPC claim would only arise if Pershing failed financially and client assets for covered accountsas defined by SIPCcannot be located due to theft, misplacement, destruction, burglary, robbery, embezzlement, abstraction, failure to obtain or maintain possession or control of client securities, or to maintain the special reserve bank account required by applicable rules.
The leader of the excess of SIPC coverage program is Lloyd's, which currently holds A+ ratings from Fitch Ratings and Standard & Poor's® (S&P®), and an A rating from A.M. Best. These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time.2 For more information about Lloyd's, please see www.lloyds.com.
1 Pershing's excess of SIPC insurance coverage is provided by certain underwriters at Lloyd's insurance market ($950M) and Axis Specialty Europe Ltd. ($50M).
2 Ratings as of July 2012.
*As of September 30, 2013.