Stanford Group Company to Convert Accounts from Bear Stearns to Pershing
Archived October 12, 2006
Stanford Group Company (SGC) is in the process of changing its clearing firm from Bear Stearns to Pershing LLC. The clearing firm is responsible for maintaining possession of funds and securities on behalf of SGC’s clients and executing their transactions over the counter and on various exchanges around the world. Pershing is a subsidiary of Bank of New York. For more information on Pershing, click here and for more information on Bank of New York click here.
The formal project to convert SGC’s Bear Stearns accounts officially kicked off in May under the direction of Syed Razvi, Executive Director and Chief Information Officer for Stanford Group Holdings (SGH). Up to this point, scores of employees of SGC, SGH, Pershing and Bear Stearns have been working behind the scenes to prepare for this conversion. Their efforts have been coordinated by Project Management Resources, a consulting firm with experience in clearing firm conversions.
The Pershing conversion team will continue to provide updates to the Stanford Group website as the process advances. In the meantime, you may send conversion-related questions via e-mail to pershing@stanfordeagle.com. Of course, for clients of SGC, your Financial Advisor is always available to assist with any questions.
SGC, SGH and Stanford Financial Group have made a major investment of manpower and capital into this conversion and we are all excited about the enhanced capabilities Pershing provides to our Wealth Management clients.