Standish Mellon Asset Management Company LLC, a fixed income specialist for BNY Mellon, has awarded the first Standish Minority Business Enterprise Awards to Castleoak Securities and Siebert Brandford Shank & Co.
Castleoak was recognized for excellence in taxable trading and Siebert Brandford Shank & Co. was honored for excellence in municipal trading. Standish presented the awards at its second annual forum for minority brokers as part of its effort to increase minority representation in the trading of fixed income securities.
"Our awards recognize the progress that Castleoak and Siebert have made since last year's forum and their increasing ability to provide value to Standish's trading desks," said Amy Koch, Global head of Taxable Trading for Standish. "With significantly smaller capital bases than our traditional trading partners, we're seeing a number of minority brokers finding ways to provide important market information and liquidity."
Since the 2014 forum, Standish said its combined taxable and municipal trade volume with minority brokers has increased significantly as the number of unique sectors it trades with minority-owned firms more than doubled to seven. In the last year, Standish has executed trades with 15 minority dealers.
However, Koch added, "We believe that focusing on becoming a larger counterparty to a few firms, rather than a less significant player with many will better achieve our goals of diversity and inclusion. We believe we can make a difference, but we acknowledge our limitations and recognize that one firm cannot accomplish this alone. Overall, we believe that we are achieving our goals of boosting minority broker participation while ensuring that our selection of brokers is subject to our responsibility of seeking best execution."
BNY Mellon is committed to attracting, advancing and retaining diverse talent in its leadership ranks, across its global workforce and throughout its supplier base. The company's approach to global diversity and inclusion is driven through an integrated framework of strategic forces ranging from workforce and workplace diversity to marketplace diversity. Exceeding $1.1 billion over the past five years, the company's supplier development program has helped small and diverse suppliers build capacity to grow their businesses."