Opening doors of opportunity
BNY made history this past year with a $500 million debt offering led entirely by minority-, veteran- and women-owned investment firms. This was the first notes issuance for a global systemically important bank, and for BNY, led entirely by minority-, veteran- and woman-owned firms as joint bookrunners, roles typically reserved for large global financial institutions. But it was also the most recent in an exciting series of increasingly robust roles we have helped cultivate for diverse-owned businesses as we strive to build more inclusive economies. In 2023 BNY invested $10 million with Lafayette Square, an impact-driven Black-owned investment firm, to stimulate economic growth in low-to-moderate income areas while generating positive returns for investors.
These ongoing achievements are the results of deep, long-standing relationships forged between these firms and BNY. Progressively, we have worked with them to grow and build their capabilities. For example, Loop Capital has grown into a global investment services provider with the expertise and services of others including a 25-year relationship with BNY Pershing as their clearing firm. Learn more about the collaborative relationship with BNY that contributed to this progress. Similarly, we have engaged Academy Securities, Ramirez & Co., Inc., Seelaus & Co., LLC, and Siebert Williams Shank in previous debt offerings.
The Growth & Empowerment for Minority Businesses (GEM) Program, developed by BNY Pershing, has played a pivotal role in amplifying the capabilities of these firms and aims to drive remarkable business outcomes for these businesses and BNY.
The GEM Program explores opportunities to:
At its essence it develops internal and external opportunities for minority owned financial institutions that allow them to showcase their capabilities and grow their businesses.
The Minority Business Enterprise (MBE) Client Council was launched in 2021, to intentionally and proactively represent the voices of diverse-owned firms and address challenges faced by diverse-owned broker-dealers and Registered Investment Advisors. Made up of BNY Pershing clients who lead successful minority, woman and veteran-owned businesses, this council designed to amplify opportunities in the financial services space. It also highlights the strength and perspectives of leaders motivating positive change within the industry. The Council has participated in BNY Pershing’s annual flagship which brings together business leaders, industry advocates, and next generation leadership and talent.
Their efforts to promote economic opportunity are creating win-win-win solutions for our firm, our clients and the communities we both serve.