Meanwhile, in what might be viewed as an unofficial announcement to Jersey’s finance industry of its arrival, Pershing last month sponsored the entertainment portion of a Jersey Finance “gala” celebrating the 50th anniversary of Jersey’s financial services industry, which featured British comedian Rory Bremner.
Rothwell comes to Pershing (Channel Islands) from LaCrosse Global Fund Services (Jersey), where he was managing director.
LaCrosse is an independently-managed subsidiary of Cargill, an international provider of food, agricultural and risk management products and services.
Also joining the new subsidiary, beginning this month, is Christine Whitfield, who had been head of special projects at Jersey Finance. She will be operations director at Pershing. Jersey Finance said it is in the process of recruiting her successor.
LaCrosse is yet to announce a replacement for Rothwell.
Pershing, which was established in London in 1987, is an outsourcing and back office services provider affiliated with New Jersey, US-based Pershing LLC, which has almost $1trn under custody.
Pershing LLC provides “financial business solutions” to more than 1,500 organisations and independent investment advisers globally, while its London office caters for private banks, private wealth managers, brokers and advisers in Britain and Ireland. Its Jersey operation is understood to be subject to regulatory approval.
As reported previously by International Adviser, it also unveiled a platform – Pershing Adviser Solutions – primarily for UK advisers and wealth managers, but which is also able to accommodate offshore funds, and which already has several clients in Ireland.
In formally announcing its new Channel Islands operation in August, Pershing said it was created in an effort to meet the increasingly international needs of its clients.
“Opening a Channel Islands office represents an important part of our strategic plan to provide private wealth managers and private banks with a competitive onshore and offshore capability in Europe,” said Pershing chief executive Charles van der Merwe.
