Opalesque Industry Update - Global Prime Partners ("GPP"), the global prime brokerage boutique which specialises in supporting emerging managers, today announced that it has entered into an agreement with BNY Mellon, the global leader in investment management and investment services, whereby BNY Mellon’s Broker-Dealer services business will provide clearing and custody services to GPP's expanding group of high quality emerging investment manager clients. |
BNY Mellon will initially begin providing its services to GPP's clients that have settlements in Euroclear with the intention of gradually rolling out this counterparty arrangement into all geographic regions in which GPP's provides prime brokerage support to its clients.
Commenting on the announcement today, Kevin LoPrimo, Head of Global Hedge Fund Services at Global Prime Partners, noted: "This arrangement has been a long time in the making and we are delighted to be moving forward with BNY Mellon. BNY Mellon is one of the most respected global financial institutions with an international reach and strong track record of clearing and custody.
“Working with BNY Mellon will further strengthen the quality and reliability of service support that we provide to our own clients. We have a clear vision to be the pre-eminent prime broker of choice for smaller managers and this is but the latest step in our solid and steady build of GPP's business."
Brian Ruane, CEO, Broker-Dealer Services at BNY Mellon, added: “Through our comprehensive suite of securities clearing and custody services and the deep pool of expertise we can draw on globally, we can support GPP as it continues to expand and enhance the support it offers to its growing client base.”Press release