Investor Intro Services
BNY Mellon Selected to Provide Prime Brokerage Custody Solution for Goldman Sachs International
NEW YORK, June 28, 2010 – In response to growing
demand by hedge funds for independent safekeeping of their assets, 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 utilize BNY Mellon to hold and safekeep their 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 is the leading provider of tri-party collateral
management services, servicing more than $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.
BNY
Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping clients manage
and service their financial assets, operating in 34 countries and serving more
than 100 markets. BNY Mellon is a leading provider of financial services for
institutions, corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer services,
clearing services and treasury services through a worldwide client-focused
team. It has $22.4 trillion in assets under custody and administration, $1.1
trillion in assets under management, services $11.8 trillion in outstanding
debt and processes global payments averaging $1.5 trillion per day. Additional
information is available at www.bnymellon.com.
NEW YORK, June 28, 2010 – In response to growing
demand by hedge funds for independent safekeeping of their assets, 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 utilize BNY Mellon to hold and safekeep their clients’
assets in certain key markets while
continuing to maintain GSI’s prime brokerage and trading relationships.
Colin Bugler to head ING’s new synthetic portfolio solutions team
Posted 23 June 2010 - 11:51am by Craig McGlashan
ING Global Securities Finance (GSF) has announced that Colin Bugler is to head its new synthetic portfolio solutions (SPS) team.
The SPS team will incorporate ING’s CFD business and is part of wider plans to grow the GSF business. Bugler’s role will involve boosting ING’s position as a provider to hedge funds and to expand the product catalogue.
ISLA adds voice to call for harmonised short selling regulations
Posted 23 June 2010 - 11:38am by Craig McGlashan
The International Securities Lending Association (ISLA) has become the latest organisation to call for a harmonised approach to short selling regulation in the European Union.
ING strengthens Hedge Fund focus and launches Synthetic Portfolio Solutions
ING’s Global Securities Finance (GSF) team has hired Colin Bugler to head its new Synthetic Portfolio Solutions (SPS) team, reporting to Richard Pryce, Head of Equity Lending & Repo.
The creation of the new SPS team, which incorporates the established CFD offering, is part of ING’s ambitious growth plan for its GSF business. Bugler’s remit will be to enhance ING’s position as a strong provider of securities financing products to hedge funds, as well as expanding the range of products offered.
“Hedge funds are seeking greater credit diversification among their providers of both traditional prime brokerage and synthetic products. In addition, the market access ING can provide to Emerging Markets via its international network and broad product offering means we have a compelling proposition to offer hedge funds”, said Michael Baudo, Co-Head of ING’s Global Securities Finance business.
Furthermore, close alignment between its SPS and the Equity Lending & Repo teams will enable ING to better service hedge funds by bringing together short coverage and client position financing capabilities within one group.
Bugler has exceptional prime brokerage experience, most recently as Head of Global Prime Brokerage and Equity Finance at RBC Capital Markets. Prior to RBC, he held a similar position at Scotia Capital and previously spent eleven years in London with Merrill Lynch as Head of International Prime Brokerage & Securities Lending and with HSBC as Head of CFD Trading.
With extensive local presence in Central & Eastern Europe and Russia, Asia and the Middle East, and South America, ING offers market-leading access to Emerging Markets. In the 2010 Extel survey, ING was ranked the no1 leading pan-European Brokerage firm for European Emerging Markets overall, with ING analysts claiming the no1 spot in Economics & Macro and the top four positions for Central and Eastern European Equities.
ING Bank (A+/Aa3) is part of ING Group, one of Europe’s largest financial services groups with total assets of EUR1,236 billion and a Bank Tier 1 capital ratio of 10.9%.
ING’s Global Securities Finance (GSF) team has hired Colin Bugler to head its new Synthetic Portfolio Solutions (SPS) team, reporting to Richard Pryce, Head of Equity Lending & Repo.
The creation of the new SPS team, which incorporates the established CFD offering, is part of ING’s ambitious growth plan for its GSF business. Bugler’s remit will be to enhance ING’s position as a strong provider of securities financing products to hedge funds, as well as expanding the range of products offered.
Australian regulator begins publishing of aggregated short positions
Posted 22 June 2010 - 10:09am by Craig McGlashan
The Australian Securities & Investments Commission (ASIC) has begun publishing aggregated short positions as of today (22nd June 2010).
Australian short sellers have been required to report their short positions to the ASIC since the beginning of June, during which time more than 570 short sellers have lodged more than 65,000 positions. All published aggregated data refers to positions held four reporting days ago, meaning the first published data refers to positions held on 16th June 2010.
Deutsche Bank Global Prime Finance signs up Anthony Graffeo and Sunita Vaswani
Posted 18 June 2010 - 5:55pm by Craig McGlashan
Anthony Graffeo and Sunita Vaswani have joined Deutsche Bank Global Prime Finance from J.P. Morgan, moving into the Group Technology and Operations division.
Graffeo has been appointed director and head of technical architecture for Global Prime Finance. In his previous role at J.P. Morgan he was a technology group manager for prime brokerage and clearing services. Before that position, he was managing partner of iDATA Corporation. Graffeo will report to Sanjay Chojar, managing director and head of global prime finance information technology.
Jonathan Shapiro and Gary Mednick join EFX Prime Services
Posted 18 June 2010 - 5:42pm by Craig McGlashan
EFX Prime Services has announced the arrival of Jonathan Shapiro and Gary Mednick, who join from Goldman Sachs and Grace Financial respectively.
Both positions will be New York based. Shapiro’s role will involve helping EFX Prime’s clients with operational and infrastructure issues.
Mednick will focus on boosting EFX Prime’s infrastructure to partner with active trading strategies.
Unilateral short selling rules would “trigger circumvention, distort competition”, German lobby group claims
Posted 17 June 2010 - 4:51pm by Craig McGlashan
A German lobby group has become the latest organisation to call for a cohesive approach to short selling regulations in Europe, after criticising proposed legislation being put forward in Germany.
Bank of France boss against naked short selling ban; calls for European cohesion
Posted 17 June 2010 - 11:27am by Craig McGlashan
Banning naked short selling may be counterproductive and inefficient, according to the governor of the Bank of France.
Christian Noyer, who is also a European Central Bank governing council member, suggested other European countries should not follow the German regulator BaFin, which has banned naked shorting of a number of financial shares.
Warsaw Stock Exchange reveals short selling securities list
Posted 16 June 2010 - 11:50am by Craig McGlashan
The Warsaw Stock Exchange (WSE) has released the list of securities that will be available for short selling from 1st July.
In May, the WSE announced its intention to provide short selling to investors following a rule change by the Polish Financial Supervision Authority.