In other fintech news, the late Joe Levin will be honored for co-developing the Cboe’s VIX, and a key Broadridge system now supports regulatory compliance technology via FundApps.
Pershing Creates Two New Units
Starting May 1, BNY Mellon’s Pershing clearing and custody provider is re-aligning its U.S. business group under two main segments — Wealth Solutions and Institutional Solutions, officials say.
The realignment is an effort by Pershing to reorganize “its people, services and technology to deliver a simplified and enhanced experience and targeted solutions,” officials say.
Wealth Solutions will be co-led by Maura Creekmore and Ben Harrison, and will serve wealth-oriented broker-dealers, registered investment advisors (RIAs) and trust companies, and will address the evolving and converging needs of these clients, officials say.
“The firm plans to deliver an improved lending solution, as well as digitized account opening and asset transfers, so clients can scale their business. Pershing is also integrating with innovators across portfolio management, financial planning and client relationship management (CRM),” according to Pershing.
The Institutional Solutions unit will be led by David Hopkins and will focus upon institutional-oriented broker-dealers, investment banks, and other capital markets firms, hedge funds, and alternative investment managers, officials say. The Pershing institutional platform offers support for financing, collateral management, global trade execution, securities lending, and syndicate capabilities.
“Our industry is undergoing significant change. Our new model is designed to align our expertise to the evolving needs and business models of our clients,” says Jim Crowley, CEO, Pershing, in a prepared statement.
“Under our new model, we will be able to deliver streamlined service and seamless access to a broader set of solutions, including more money fund and lending options, additional investment product choices and global execution capabilities,” says Emily Schlosser, chief operating officer (COO) of Pershing, in a prepared statement.
VIX Developer to Be Honored Posthumously
The Options Industry Council (OIC) will be honoring the late Joe Levin, who while he worked with the Cboe as vice president for research and product development led the development of the Cboe Volatility Index (VIX).
Levin will be honored with the Joseph W. Sullivan Options Industry Achievement Award.
The award is “given to individuals in recognition of achievement in the listed options industry through outstanding contributions in broad-ranging areas including education, innovation and product development,” officials say.
Levin and then-Duke University Professor Robert Whaley devised the concept for “a volatility benchmark … known as the Cboe Volatility Index, or VIX,” according to the OIC. “Mr. Levin and his team were also responsible for establishing the index options industry with the creation of the first security index options, OEX and SPX, along with numerous options-based benchmark index products.”
Levin also oversaw the development of “the first tradable volatility products (VIX options and futures), customizable exchange traded options contracts (FLEX), long dated options (LEAPS), and short-term, weekly options (Weeklys) which were quickly adapted and popularized industry wide,” officials add.
The Options Clearing Corp. (OCC) made the announcement on April 26. The award is slated to be presented virtually at the 2021 Options Industry Conference on April 28, officials say. “Joe Levin was a true visionary who was passionate about his work and growing the utility of the options product,” says Ed Tilly, Cboe Global Markets chairman, president, and CEO, in a prepared statement.
The OCC manages the OIC, officials add.
Broadridge’s Portfolio System Now Supports FundApps
Regulatory compliance technology from FundApps is now part of a buy-side portfolio and order management solution from Broadridge Financial Solutions in an effort to help clients’ needs with “shareholder disclosures, sensitive industry monitoring and position limit reporting, removing operational challenges in their search for alpha,” officials say.
A Broadridge and FundApps client, BennBridge, is a multi-boutique investment firm that works with fund managers and encounters frequent compliance needs, officials say.
“We deal across multiple global equity markets and, as a result, are continually faced with changes to regulatory compliance requirements that can create complex challenges,” says Ben Battye, head of operations for BennBridge, in a prepared statement. By using the combined offering, “we are able to automate many facets of our substantial shareholding disclosure process. This allows us to focus our time on other critical parts of the business,” Battye adds.
“The global regulatory landscape has become increasingly more complex over the past several years, and as firms expand into new geographies, managers need to prove their strict adherence to those regulatory requirements. This strategic partnership allows firms to spend less time on operational and compliance issues and more time on managing assets and outperforming the competition,” says Eric Bernstein, Broadridge’s president of Asset Management Solutions, in a statement.
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