November 5, 2013
Groundbreaking solution updated in response to trends impacting alternative asset industry
JERSEY CITY, N.J. - Pershing LLC, a BNY Mellon company, today announced enhancements to its PrimeConnect™ application, most notably adding a seamless link to Pershing’s Fully Paid Securities Lending program.
The new connection to Pershing’s Fully Paid Securities Lending program allows hedge funds, through a fully automated solution, to transfer fully paid securities from BNY Mellon to Pershing, at which point the securities are available to be borrowed by Pershing. It also allows hedge fund managers to be able see the earning potential for fully paid assets in the Prime Services dashboard on NetX360®, Pershing’s technology platform.
Pershing’s PrimeConnect provides hedge fund managers, who use a bank custodian, to hold unencumbered assets with transparency and control of collateral selection and movements. Its counterpart, PrimeConnect40, is the technology for ’40 Act fund managers using the tri-party structure to support alternative strategies.
By using real-time connectivity to Pershing’s margin systems, the PrimeConnect applications are able to calculate the effect of specific securities movements before a fund manager commits to action. This helps fund managers deploy their collateral in the most efficient manner possible. Additional updates to both PrimeConnect and PrimeConnect40 include workflow improvements, greater collateral management and easier viewing of asset movements across bank and custody accounts.
“PrimeConnect and PrimeConnect40 are integral parts of Pershing's prime brokerage offering built on our counterparty strength, innovative technology, uncompromised commitment to our client’s business and an exceptional level of transparency,” said Gerry Tamburro, managing director at Pershing LLC. “PrimeConnect and PrimeConnect40 can help increase operational efficiencies for hedge fund and mutual fund managers by allowing them to move collateral in an efficient and transparent way.”
Additionally, with real-time acknowledgement of requests, PrimeConnect and PrimeConnect40 can group transfers into units of work to ensure that either all movements are successful or none are completed. This gives fund managers the freedom to substitute collateral throughout the day. Moreover, dual-level approval options provide flexible approval streams to meet client’s internal workflow requirements.
Brian Ruane, CEO of Broker-Dealer Services at BNY Mellon, added, “Pershing’s PrimeConnect is just one example of how BNY Mellon is leading the way in helping clients to source and optimize collateral, enhance the velocity and mobility of that collateral, and to address their wider requirements around liquidity, financing and reporting.”
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.