The Young Guns of Prime
Pershing and Fidelity target hedge funds with stock lending
Traders Magazine, April 2008
Pershing and Fidelity, two recent prime brokerage entrants backed by deep-pocketed parent companies, hope securities lending will propel them among the elite primes. Still, these prime brokerage units-launched by financial services giants Fidelity Capital Services and BNY Mellon's Pershing-are competing with long-established, bigger firms like Bear Stearns and Goldman Sachs. "Fidelity, as an agency-only broker, could be an effective prime broker player," says Josh Galper, managing principal with the consultant Vodia Group.
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