JERSEY CITY, N.J., Nov. 12, 2015 /PRNewswire/ -- 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 Broker™, 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.
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Borse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. 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 Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 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.
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