In response to growing demand by hedge funds for independent safekeeping of their assets, BNY Mellon has been chosen by Goldman Sachs International (GSI) to provide a segregated sub-custody service to GSI’s prime brokerage clients through Montague Place Custody Services (“MPCS”).

“Prime brokers are looking to trusted providers like BNY Mellon to deliver a seamless offering that will safeguard their clients’ assets and meet their needs in a changing market and regulatory environment,” said James Malgieri, CEO of BNY Mellon Broker-Dealer Services. “This is in direct response to hedge funds that are increasingly seeking to diversify counterparty risk while continuing to deal directly with their prime brokers.”

Through the service, MPCS will utilize BNY Mellon to hold and safekeep their clients’ assets in certain key markets while continuing to maintain GSI’s prime brokerage and trading relationships.