London-based prime broker GBM Securities has embarked on a collaboration with BNY Pershing EMEA to enhance its custody framework.
The new partnership was established under Model B of the UK’s Client Assets Sourcebook (CASS) rules. To meet Model B requirements, the firm that handles the outsourced work – in this case, BNY Pershing EMEA – has permission from CASS to take responsibility for client assets. The firm that originally had the relationship with the client – in this case, GBM Securities – does not retain its CASS responsibilities.
Client assets are thus held directly with BNY Pershing EMEA. According to a press release from GBM Securities, the arrangement ensures “full segregation and alignment with internationally recognised custody standards” and is “designed to elevate asset protection, transparency, and operational resilience” across GBM’s prime brokerage platform.
GBM Securities CEO Gerald Banks stated that the partnership strengthens safeguards around client assets and reinforces the firm’s commitment to institutional grade governance and transparency.
