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Pershing LLC is an American clearing house. Formed in 1939, Pershing became a subsidiary of The Bank of New York (now BNY) in 2003. Pershing has nearly $1.9 trillion in assets under administration. BNY has more than $35.5 trillion in assets in custody.
| Company type | Private |
|---|---|
| Founded | January 1, 1939; 85 years ago (1939-01-01) |
| Headquarters | Jersey City, New Jersey, United States |
Key people |
|
| Products | Financial services |
| Owner | BNY (2003–present) |
| Website | www |
The firm was founded on January 1, 1939,[2] as Pershing & Company with $200,000 in capital. The firm's original senior partners were Van Burger, Sr., Ed Cohan, Lou Froehlich, Dave Foster, and its namesake — Warren "Jack" Pershing, the only son of celebrated World War I General of the Armies, John J. Pershing.[2]
In 2000, Credit Suisse First Boston, the capital markets division of Credit Suisse, assumed control of Pershing when it purchased Donaldson, Lufkin & Jenrette and its subsidiaries.[3]
In 2003, the Bank of New York (now BNY) acquired Pershing, the United States' second-largest trade clearinghouse at the time, from CSFB.[4]
Pershing LLC has 23 locations ranging from America to Europe, Middle East, Africa and Asia Pacific. [5]