BNY Mellon’s broker-dealer services business will provide clearing and custody services to Global Prime Partners’s emerging investment manager clients.
BNY Mellon will initially begin providing its services to the prime brokerage boutique’s clients that have settlements in Euroclear.
The counterparty arrangement will be gradually rolled out into all geographic regions in which Global Prime Partners provides prime brokerage support to its clients.
Commenting on the arrangement, which has been “a long time in the making”, Kevin LoPrimo, head of global hedge fund services at Global Prime Partners, said: “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 Global Prime Partners’s business."
Brian Ruane, CEO at 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 Global Prime Partners as it continues to expand and enhance the support it offers to its growing client base.”
