Pershing, a subsidiary of The Bank of New York Mellon Corporation (NYSE: BK), announced today that its new affiliate, Pershing Securities Singapore Private Limited, has received a capital markets services licence from the Monetary Authority of Singapore.
This licence enables Pershing to expand the suite of financial services outsourcing solutions that it offers to financial organizations in Singapore and provide them with a broad array of fully disclosed clearing services.
The formation of Pershing Securities Singapore Private Limited builds upon more than half a century of business growth in Singapore and the Asia Pacific region for The Bank of New York Mellon. It also extends Pershing's global reach and underscores its long-term commitment to continue working closely with many of the world's leading institutional and retail financial organizations to help them grow their businesses.
Frank La Salla, managing director of the global securities services group at Pershing said, "The Asia Pacific region continues to present us with one of the greatest growth opportunities for both Pershing and The Bank of New York Mellon. Singapore is a vital financial marketplace for our Asian growth strategy and we remain committed to expanding our global footprint further."
Mark Nelligan, chief executive officer of Pershing Securities Singapore Private Limited said, "We are very pleased that the Monetary Authority of Singapore has granted us a capital markets services licence to conduct business via a fully disclosed clearing model. This new credential will enhance our ability to provide premier financial services organizations in Singapore with a broad spectrum of technology and investment solutions to help them better serve their clients."