The Bank of New York Selected by David Lerner Associates, Inc. to Clear Government Securities
NEW YORK, July 10, 2006 -- The Bank of New York, a global leader in securities servicing, has been selected by David Lerner Associates, Inc. to clear its government securities through the Federal Reserve Bank of New York.
Gerhard Frank, vice president of David Lerner Associates, said, "Given its strong client focus and commitment to securities servicing, The Bank of New York was a natural choice to be our government securities clearance provider. We value the support we get from their experienced team of professionals."
Art Certosimo, executive vice president and head of broker dealer services at The Bank of New York, said, "We have an unrivaled record of serving and anticipating the specialized clearance needs of clients such as David Lerner Associates. We believe that our leading technology platform will provide operational benefits and efficiencies and help improve service to their clients."
David Lerner Associates, Inc. is a registered broker dealer primarily conducting business with retail customers through branch offices in the tri-state area. The firm's businesses include selling corporate debt and equity securities, REITs, mutual funds, life insurance or annuities to customers. It is also a government and municipal securities broker/dealer. Located in Syosset, NY, the firm was formed in 1976 and is registered to do business in 47 states. More information is available at http://www.davidlerner.com/.
The Bank of New York is a leader in U.S. government clearance services and also provides transaction servicing and financing to banks and broker dealers through its global securities clearance division. The Bank processes an average of 130,000 trades daily valued at $1.4 trillion. The Bank offers the most sophisticated clearance technology, helping its clients reduce failed trades and improve transaction turnaround and operating efficiencies. The Bank's proven ability to meet the needs of borrowers and lenders continues to place it among the leading providers of global collateral management and tri-party repo services, servicing over $1.3 trillion in tri-party balances worldwide.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
| « Back to Press Releases | « Previous Next » |
