The Bank of New York Mellon's Pershing Unit Launches Innovative Mutual Fund Solution in Europe
September 06 2007 - 8:30AM
PR Newswire (US)
New Star, Newton Investment Management, Rensburg Fund Management
and Schroders among first fund managers with funds available on
Nexus Funds LONDON, Sept. 6 /PRNewswire-FirstCall/ -- Pershing
Limited, an affiliate of Pershing LLC and a unit of The Bank of New
York Mellon, has launched Nexus Funds, an innovative,
no-transaction fee mutual fund solution that provides clients with
a single access point to global funds. Through Nexus Funds, private
client wealth managers can buy and sell a variety of global funds.
Dealing and settlement fees, in addition to custody fees on new
assets, are waived for eligible deals in UK-registered funds that
utilise the solution. These deals also benefit from guaranteed
contractual settlement and consolidated trailer fee payments,
ensuring predictable settlement dates and streamlining clients'
payment processes. Nexus Funds is fully integrated with Pershing
Nexus(R), a browser-based platform that provides a whole of market
offering with integrated execution, settlement and custody services
across all major instrument types including fixed income, equities,
foreign exchange and funds. Clients will also benefit from
Pershing's FIX connection to the EMX Message System, developed by
EMXCo., the market infrastructure of choice for funds messaging.
The message system automates fund processing and in July 2007
routed over 1.7 million messages, equating to over euro 6 billion
in funds flow. The EMX Message System enables Nexus Funds to offer
straight- through processing of mutual fund orders, enhancing deal
accuracy and leading to more predictable settlement cycles. Clients
can also take advantage of specially developed Pershing Nexus(R)
order-entry screens which eliminate the need to issue separate
instructions to each fund company and provide an audit trail of
fund orders. Charles van der Merwe, chief executive officer of
Pershing Limited, said, "With Nexus Funds, not only is fund dealing
faster and settlement dates more predictable, but the costs and
errors typically associated with fund transactions are dramatically
reduced. We are delighted that New Star, Newton, Rensburg Fund
Management and Schroders are among the first fund managers with
funds available through the solution. We are in final discussions
with many other industry-leading fund companies to provide our
clients with a fast, cost-effective way of accessing a broad
spectrum of global markets through UK-registered funds." Pershing
Limited provides broker-dealers, asset managers and financial
institutions across Europe with a comprehensive range of products,
services and solutions including retail clearing, fully disclosed
institutional global clearing, broker services and execution
services. Established in London in 1987, Pershing Limited and its
subsidiary, Pershing Securities Limited, are members of the London
Stock Exchange and Euroclear UK & Ireland. Pershing Limited has
direct memberships with LCH.Clearnet and Virt-X. Pershing
Securities Limited is a member of Deutsche Borse, Eurex Clearing
and Clearstream. Pershing Limited is an affiliate of Pershing LLC,
a leading global provider of financial business solutions to more
than 1,150 institutional and retail financial organisations and
independent investment advisers who collectively represent over
five million active investors. Pershing LLC (member
FINRA/NYSE/SIPC) is a member of every major U.S. securities
exchange, and a subsidiary of The Bank of New York Mellon
Corporation. Additional information is available at
http://www.pershing.co.uk/. The Bank of New York Mellon Corporation
is a global financial services company focused on helping clients
manage and move their financial assets, operating in 37 countries
and serving more than 100 markets. The company is a leading
provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services and treasury
services through a worldwide client-focused team. It has more than
$20 trillion in assets under custody and administration and more
than $1 trillion in assets under management. Additional information
is available at http://www.bnymellon.com/. DATASOURCE: The Bank of
New York Mellon Corporation CONTACT: Joanna Humphreys of Pershing
Limited, +44-20-7864-8922, Web site: http://www.bnymellon.com/
http://www.pershing.co.uk/
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