Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
28/06/2010
Goldman selects BNY for prime brokerage custody solutions
BNY Mellon has been selected by Goldman Sachs to provide a custody service to the firm’s prime brokerage clients through the bank’s special purpose custodial vehicle, Montague Place Custody Services (MPCS).
The move will see BNY Mellon made responsible for the safekeeping of MPCS client assets, while the MPCS continues to maintain Goldman’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.
He continued: “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 services more than $1.5 trn in tri-party balances worldwide, as well as clearing fixed income and equity transactions, and US government securities
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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