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BNY Mellon's Pershing Prime Services Unit Named Best Prime Broker--Innovation by HFM US Services Award for Second Consecutive Year

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.