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The Young Guns of Prime

Pershing and Fidelity target hedge funds with stock lending

Traders Magazine, April 2008

John Hintze and Gregory Bresiger

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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