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Wells Fargo Securities’ Prime Services to launch self-clearing capabilities

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Wells Fargo Securities has received approval from the Financial Industry Regulatory Authority (FINRA) for a self-clearing brokerage providing additional financing and services solutions to alternative asset managers.

“We are committed to offering clients the full breadth of resources and solutions that can help them adapt to this evolving landscape,” says Eamon McCooey, head of Wells Fargo Securities’ Prime Services. “By adding our self-clearing capabilities as well as maintaining our introducing broker model, we are taking the next thoughtful step in building out our prime services platform. These new capabilities fit within the strong risk infrastructure run by our experienced compliance and risk team members who ensure all regulatory requirements are met.”
Wells Fargo Securities’ Prime Services will continue to offer introducing prime brokerage services in addition to its full prime brokerage platform which includes financing capabilities, securities lending, custody and clearing services, fund administration, middle and back office support, capital introduction, futures execution, exchange trade and OTC derivatives.

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