Investment Administration and Custody
Since founding of the original partnership in 2004 clients had used Adam & Company, a wholly owned subsidiary of the Royal Bank of Scotland to provide this custody and administration service. Following a decision by Adam & Company to withdraw from providing third party administration, acting as agent for its clients, GBIM appointed Pershing Securities Limited (Pershing) as custodian from April 2017.
Established in 1987, Pershing is a subsidiary of the Bank of New York Mellon Corporation (BNY Mellon). BNY Mellon was formed in 2007 by the merger of the Bank of New York Company Inc. and Mellon Corporation. Today Pershing is a specialist in the area of asset servicing and custody. In the UK, Ireland and Channel Islands, Pershing manages over 120 client relationships for a variety of organisations. Globally, Pershing serves more than 1,500 institutional and retail financial organisations and independent investment advisors. Collectively, Pershing customers represent over five million investors with over US $1.05 trillion in assets in custody.
Pershing arranges all settlement, dividend collection, ISA management and administration alongside other nominee services.
More details on how Pershing hold investments and cash can be found in this document.