Pershing Announces Groundbreaking Collateral Management Technology for Fund Managers
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Bank of New York Co, Inc., The
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New York, NY, 10286
Press release date: 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(TM), the system provides unprecedented transparency and control of collateral selection and movements to hedge fund managers using BNY Mellon to hold unencumbered assets. PrimeConnect40(TM) 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."
Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,500 institutional and retail financial organizations and independent registered investment RIAs who collectively represent approximately 5.5 million active investors. Located in 23 offices worldwide, Pershing and its affiliates are committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Boerse, Irish Stock Exchange, the London Stock Exchange and the Australian Stock Exchange. Pershing LLC is a BNY Mellon company. Additional information is available at www.pershing.com.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
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