BNY Mellon has been chosen by Goldman Sachs International to provide a segregated sub-custody service to its prime brokerage clients through Montague Place Custody Services.
Through the service, MPCS will use BNY Mellon to hold and safekeep their clients’ assets in certain key markets while continuing to maintain Goldman Sachs International’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,” says James Malgieri, chief executive of BNY Mellon broker-dealer services. “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.”
Goldman Sachs International has established Montague Place Custody Services, an independent entity that is authorised and regulated by the FSA. MPCS provides for the safekeeping and custody of client securities and cash and has been designed to survive a Goldman Sachs International insolvency.
