May 21, 2012
JERSEY CITY, N.J. — Pershing, a BNY Mellon company, today announced the recent launch of two new applications as part of the organization's extensive Enterprise Collateral Management offering that automate the process of moving collateral between the custodian and Pershing Prime Services. This service is available exclusively through Pershing's NetX360®, the company's technology platform for fund managers and investment professionals.
Called PrimeConnect™, the system provides unprecedented transparency and control of collateral selection and movements to hedge fund managers using BNY Mellon to hold unencumbered assets. PrimeConnect40™ also offers unparalleled transparency and online collateral movement to '40 Act fund managers using the tri-party structure to support alternative strategies. In these times of financial uncertainty, these applications help generate operational efficiencies and cost-savings as well as address managers' concerns about counterparty risk and collateral management.
"Increasing concern over counterparty risk, coupled with the traditionally cumbersome and time-consuming collateral management process, has led many fund managers to be cautious when pledging collateral to their counterparties," said Gerry Tamburro, managing director at Pershing. "PrimeConnect and PrimeConnect40 not only eliminate the phone calls, faxes and emails, but they provide a clear window into the movement and management of collateral. Because these applications provide both a consolidated view of an overall portfolio and an online and real-time margin calculator, fund managers are able to more efficiently and effectively place collateral."
Collateral management has long been considered a standard middle-office function. However, the current financial volatility has elevated the role of collateral management to a key risk management function. By automating this process through online and real-time applications, Pershing has significantly enhanced its fund manager clients' ability to monitor and manage risk.
Gerry Tamburro also notes, "This technology represents the first time hedge funds and '40 Act funds have been able to deploy real-time collateral management tools to automate the processes of moving collateral between accounts and securing credit and risk approvals. We believe the transparency, control and efficiencies these applications deliver will be highly attractive to all fund managers."
About Pershing Prime Services
Pershing Prime Services, the New Model Prime BrokerTM, delivers a comprehensive suite of prime brokerage solutions. We provide stable counterparty strength, extensive access to lendable securities, alternative sources of finance, dedicated client service, robust reporting tools, global execution and custodial solutions through the integrated platform of BNY Mellon. Pershing Prime Service is a service of Pershing LLC (member FINRA/NYSE/SIPC), a BNY Mellon company.
About BNY Mellon's Pershing
BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing more than 6 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.