BNY Mellon's Pershing Prime Services Unit Named Best Prime Broker—Innovation by HFM U.S. Services Award for Second Consecutive Year

November 12, 2015

Alternative Investment Services business named ‘Best Fund of Hedge Fund Administrator – Over $30 Billion in Assets’ for fourth straight year

JERSEY CITY, N.J., - Pershing LLC, a BNY Mellon company, today announced that its prime services unit has been named 'Best Prime Broker—Innovation' by HFM US Hedge Fund Services Awards at the 2015 event. This is the fifth time that HFM has honored Pershing Prime Services with an award, and the second consecutive year that it has designated Pershing as the industry's most innovative prime broker.

The HFM US Hedge Fund Services Awards recognize leading hedge fund service providers for exceptional customer service and innovative product development. The 'Best Prime Broker—Innovation' category focuses on enhancements to core services or the launch of new services that have improved operational or asset raising conditions for clients. A panel of independent judges assessed entrants, based on financial progress, growth and genuine innovation.

"The hedge fund industry is evolving rapidly, and as a key service provider to fund managers we continue to evolve as well," said Gerry Tamburro, managing director, Pershing Prime Services. "We are personally invested in helping our clients achieve success, whether that is through helping them launch a new '40 Act fund or helping them achieve greater efficiency through our collateral management technology. Our recognition in this category for the second consecutive year underscores the value we place on delivering innovative, insightful and responsive solutions to our clients."

Over the past several years, Pershing has been active in educating alternative fund managers on the opportunities and challenges presented by the convergence of '40 Act funds and traditional hedge funds. In addition to leveraging its annual INSITE conference to expose investment managers to discussions on the liquid alternatives space, Pershing held focused forums that provided market participants with insight on topics such as distribution and defined contribution plans, customization and cannibalization of business models, and benchmarking and categorization.

While leading the liquid alternatives conversation, Pershing continues to develop a comprehensive toolset to help its clients address a broad range of operational and strategic challenges, including:

  • Enterprise solutions: A dedicated '40 Act team, as well as an integrated platform to support the special account custody model, turnkey BNY Mellon services and risk monitoring/analytics solutions
  • Technology: PrimeConnect™ and PrimeConnect40 provide transparency and online control of collateral selection and enable automated movement of collateral between the custodian and prime broker, allowing clients to access both services in one place
  • Platform access: A broad open-architecture mutual fund platform that allows broker-dealers and RIAs to create tailored portfolios and provides added visibility and market access for fund managers

In addition to awarding BNY Mellon's Pershing Prime Services, HFM named BNY Mellon's Alternative Investment Services business 'Best Fund of Hedge Fund (FoHF) Administrator – Over $30 Billion in Assets' for the fourth year in a row. The group now has approximately $140 billion in FoHF assets under custody and administration.

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 Alternative Investment Services

BNY Mellon is a leading administrator of alternative assets – including single manager hedge funds, funds of hedge funds, and private equity – with more than $750 billion of alternative assets under administration and/or custody and offices worldwide. BNY Mellon also offers a wide range of cash management, foreign exchange, collateral management, corporate trust, and wealth management services to the alternative investments industry.

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, managed account technology and operations 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 offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on, 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 and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 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 Follow us on Twitter @BNYMellon or visit our newsroom at for the latest company news.