BNY Mellon wins Goldman Sachs mandate
28 June 2010 New York
Image: Shutterstock
BNY Mellon has been chosen by Goldman Sachs International (GSI) to provide a segregated sub-custody service to GSI's prime brokerage clients through Montague Place Custody Services (MPCS). Through the service, MPCS will utilise BNY Mellon to hold and safekeep its clients' assets in certain key markets while continuing to maintain GSI's prime brokerage and trading relationships.
"Prime brokers are looking to trusted providers like BNY Mellon to deliver a seamless offering that will safeguard their clients' assets and meet their needs in a changing market and regulatory
environment," said James Malgieri, CEO of BNY Mellon Broker-Dealer Services.
"This is in direct response to hedge funds that are increasingly seeking to diversify counterparty
risk while continuing to deal directly with their prime brokers."
BNY Mellon Broker-Dealer Services looks after more than USD 1.5 trillion in tri-party balances worldwide. It also clears fixed income and equity transactions in more than 100 markets globally
and is the leading clearing agent for U.S. government securities.
Goldman Sachs International (GSI) has established Montague Place Custody Services (MPCS), an independent entity that is authorised and regulated by the FSA. MPCS provides for the safekeeping and custody of client securities and cash and has been designed to survive a GSI insolvency. MPCS has independent office space, technology and general infrastructure support as well as employees solely dedicated to the business in the event of a GSI insolvency. MPCS holds its client securities and cash with a comprehensive global network of sub-custodians and agent banks, including BNY Mellon.
"Prime brokers are looking to trusted providers like BNY Mellon to deliver a seamless offering that will safeguard their clients' assets and meet their needs in a changing market and regulatory
environment," said James Malgieri, CEO of BNY Mellon Broker-Dealer Services.
"This is in direct response to hedge funds that are increasingly seeking to diversify counterparty
risk while continuing to deal directly with their prime brokers."
BNY Mellon Broker-Dealer Services looks after more than USD 1.5 trillion in tri-party balances worldwide. It also clears fixed income and equity transactions in more than 100 markets globally
and is the leading clearing agent for U.S. government securities.
Goldman Sachs International (GSI) has established Montague Place Custody Services (MPCS), an independent entity that is authorised and regulated by the FSA. MPCS provides for the safekeeping and custody of client securities and cash and has been designed to survive a GSI insolvency. MPCS has independent office space, technology and general infrastructure support as well as employees solely dedicated to the business in the event of a GSI insolvency. MPCS holds its client securities and cash with a comprehensive global network of sub-custodians and agent banks, including BNY Mellon.
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