Bank of New York Mellon Corp., through its clearing and prime brokerage subsidiary Pershing LLC, has unveiled a platform to support managers of 130/30 strategies.
It will provide prime brokerage services, including securities lending, execution, and financing, as well as asset servicing functions such as custody, fund accounting and administration, and collateral management.
Increasingly popular among institutional investors, 130/30 strategies feature a short-selling component that is balanced by extra long positions, so that a fund is 130% long and 30% short.
Pershing provides services to more than 1,150 institutional and retail financial firms and registered investment advisers.
BNY Mellon manages assets of more than $1 trillion. The new platform was announced Tuesday.
