Pershing, a subsidiary of The Bank of New York Mellon Corporation (NYSE: BK), announced today that it has expanded the business consulting services and practice management support it provides through its Prime Services group to include a start-up simulator tool and a new guidebook to assist hedge fund managers with the launch of new funds.
Pershing Prime Services' Hedge Fund Start-Up Simulator was developed in collaboration with Moss Adams LLP. It provides hedge fund managers with detailed information about the infrastructure and financial workings of a hedge fund--especially during its first 18 months of operation. The tool also allows managers to view a series of performance indicators to help them better understand how their anticipated allocation of resources and other initial business decisions may affect the viability of the hedge fund during the formative start-up period.
Pershing Prime Services' new guidebook entitled, A Guide to Establishing a Hedge Fund, was created in conjunction with The Bank of New York Mellon and offers an introduction to a number of critical criteria, as well as a framework for making informed business decisions. Pershing and The Bank of New York Mellon leveraged a wide network of industry specialists to develop the guidebook, including Moss Adams, Eze Castle Integration, Inc., Stark & Stark Attorneys At Law and Sasserath & Zoraian LLP, as well as its in-house experts who have extensive experience working with many leading financial institutions. Combined with the Start-Up Simulator, hedge fund managers can capture meaningful insights into all aspects of launching a fund, including:
- The offering process
- Legal and tax considerations
- Service provider selection
- Human resources
- Operational infrastructure
- Office location
- Capital raising
Craig Messinger, managing director at Pershing Prime Services, said, "Embarking on the launch of a new hedge fund can be a challenging and overwhelming experience. Through our strategic relationships with a broad array of industry experts and our companies' broad-based experience serving hedge funds, we have integrated a wide range of tools into a comprehensive practice management offering to provide hedge fund managers with actionable information, ready-to-execute solutions and hands-on business development support to help ensure that they are well positioned to grow their businesses."
Pershing's parent company, The Bank of New York Mellon, also provides a wide range of administration services to hedge funds, funds of hedge funds and private equity assets through BNY Mellon Alternative Investment Services, one of the world's leading providers in this market segment with more than $200 billion in hedge fund assets under administration. In addition to hedge fund administration, The Bank of New York Mellon offers a wide range of accounting, cash management, collateral management, custody, asset management and wealth management services to the hedge fund industry.
Pershing Prime Services delivers an unconflicted, comprehensive suite of global prime brokerage solutions, including extensive access to securities lending, dedicated client service, robust technology and reporting tools, worldwide execution and order management capabilities, a broad array of cash management products and the integrated platform of The Bank of New York Mellon. Pershing Prime Services is a service of Pershing LLC.