Pershing Adds Link to BNY Mellon Custody for Securities Lending

Pershing, a BNY Mellon company that offers prime services, has added connectivity to BNY Mellon custodial accounts for securities lending as part of Pershing’s PrimeConnect offering.

The connection allows hedge funds to transfer fully paid securities from BNY Mellon to Pershing through an automated platform, and managers can see the earnings potential for these assets in Pershing’s Prime Services dashborad.

The solution also offers real-time connectivity to Pershing’s margin systems and calculates the effect of specific securities movements before a fund manager finalizes a transaction, allowing for more efficient collateral deployment.

For ’40 Act funds using a tri-party structure for alternative strategies, Pershing offers a similar platform, PrimeConnect40. Now with the real-time acknowledgement of requests, both of theses systems can group transfers, which allows managers to substitute collateral throughout the day.

“PrimeConnect and PrimeConnect40 are integral parts of Pershing’s prime brokerage offering built on our counterparty strength, innovative technology, uncompromised commitment to our client’s business and an exceptional level of transparency,” said Gerry Tamburro, managing director at Pershing LLC. “PrimeConnect and PrimeConnect40 can help increase operational efficiencies for hedge fund and mutual fund managers by allowing them to move collateral in an efficient and transparent way.”