Pershing, a US-based BNY Mellon fund administration firm, is expanding its trading services in Europe, Middle East, and Africa (Emea), the firm revealed today.
The company, which has just under $2 trillion of assets under administration, now offers its global equity trading services to businesses which do not hold custody on the Pershing platform, and beyond the UK and Ireland.
Heightened market Volatility , regulation, and cost pressures has led to ongoing demand from financial institutions experiencing trading activity complications seeking to outsource aspects of their business, according to Pershing.
“In this uncertain environment, it is more important than ever to support clients in effectively and efficiently navigating the market volatility. This means acting as a partner and trusted advisor with clients to support their growth over the long-term,” Michael Horan, head of trading at Pershing Emea, said in a statement.
“The BNY Mellon subsidiary offers external trading and custody support for clients with the operational challenges they are facing to drive new efficiencies,” Horan added.
Clients of the expanded platform consist of wealth and asset managers based across Emea, including in the UK, the Netherlands, Denmark, Dubai and Luxembourg.
History
Pershing was founded in 1939, as Pershing & Company with $200,000 in capital.
In 2000, Credit Suisse First Boston (CSFB), the capital markets division of Credit Suisse, assumed control of Pershing when it purchased Donaldson, Lufkin & Jenrette and its subsidiaries.
In 2003, Pershing LLC, the second largest trade Clearing House at the time from CSFB, was acquired by BNY Mellon.
