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Fixed-income brokerage Pierpont Securities, which last week announced a merger with broker-dealer Amherst Securities Group, will soon be using SunGard’s Loanet at a time when Pierpont is trying to grow its expanding securities finance operations while also reducing the total cost of ownership (TCO) in the back and middle offices, say officials at the firm.
Pierpont and Amherst, which specializes in commercial and residential mortgages, will create a combined company, Amherst Pierpont Securities LLC to focus on fixed-income markets. Pierpont selected Loanet to cover trading, inventory management, accounting and settlement, according to a Pierpont statement.
“We needed to identify a service that would support the expansion of our financing capabilities into securities lending,” says Bruce James, Pierpont’s chief operating officer. “Choosing a solution that is delivered as a service, such as SunGard’s Loanet, enables us to efficiently grow our securities lending business and interface with our clients effectively for functions such a trade matching, processing, automated margin and securities settlement.”
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- Pierpoint Securities,
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