Pirum is a UK-based financial services technology vendor, headquartered in the City of London. Pirum was co-founded in 2000 as a securities lending post trade vendor, specializing initially in the reconciliation of open and pending securities lending trades and billing. Over the years, the product offering has expanding into collateral services and other areas that required automation. Pirum's client base includes over 100 financial institutions including investment banks, asset managers, pension funds, insurance companies and Agent Lenders (companies who lend assets on behalf of other parties).[1]
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| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 2000 |
| Headquarters | |
| Services | Securities Lending Technology Vendor |
Number of employees | 100 |
| Website | pirum |
History
editPrior to 2000, securities lending was a growing business with most financial service employees based onshore (ie. in North America, UK, Europe, Tokyo, Hong Kong, Australia etc). In 2000, demand started to arise for automation and standardisation amongst those financial institutions. In June 2000, Pirum Systems was founded in London by Rupert Perry and Jeff Armstrong with the objective of providing automated internet-based solutions for these market participants, through providing a secure reconciliation service for both open securities lending trades and for their monthly billing.[2]
Pirum is the Latin name for pear tree and was used as the company name because PEAR derives from the names of Pirum's founders: Rupert PErry and Jeff ARmstrong.
Services
editPirum provides the following automation services to its clients:[3]
Core
edit- Open and pending trade compare
- Custody reconciliations
- Billing comparison
- Billing delivery
Pirum Live
edit- Mark to market functionality
- Collateral and RQV services, with links to BNY Mellon,[4] JP Morgan Chase[5] and Euroclear[6] Triparties
- Returns automation
- CCP functionality with Eurex[7]
- Data services with Markit[8]
- Cash prepay reconciliations
The real-time Live services are used by more than 30 of Pirum's clients.[1]
Involvement in the global industry
editPirum are an associate member of the International Securities Lending Association (ISLA),[9] and regularly attend and/or sponsor industry events.
New ownership
editIn February 2015, Five Arrows Principal Investments, the mid-market private equity fund backed by the Rothschild Group, and Camwell Management LLP agreed to acquire an interest in Pirum.[1][10] The two co-founders of Pirum, Rupert Perry and Jeff Armstrong, remained with Pirum as shareholders, whilst Donal Smith joined Pirum's board of directors as non-executive chairman, and Rajen Sheth became CEO.[11]
References
edit- ^ a b c "Five Arrows Principal Investments to acquire an interest in Pirum". COO Connect Peer Group Network. 2015-02-12. Archived from the original on 2016-12-03. Retrieved 2024-02-09.
- ^
- "Face to face: Rupert Perry, Pirum". Global Investor Magazine (defunct). 2012-03-15. Archived from the original on 2012-03-29. Retrieved 2024-02-09.
{{cite web}}: CS1 maint: unfit URL (link) - Reitman, Anna (2012-01-17). "EXCLUSIVE: Jonathan Lombardo resurfaces at Pirum". Securities Finance Times. Retrieved 2024-02-09.
- "Pirum – About Us". Pirum. Retrieved 2024-02-09.
- "Face to face: Rupert Perry, Pirum". Global Investor Magazine (defunct). 2012-03-15. Archived from the original on 2012-03-29. Retrieved 2024-02-09.
- ^ Murray, Timothy Bourgaize (2014-09-15). "Markit, Pirum Pair on Securities Finance Data". waterstechnology.com. Infopro Digital Services Limited. Retrieved 2024-02-09.
- ^ "BNY Mellon boosts collateral management portal". Global Investor Magazine (defunct). 2013-04-05. Archived from the original on 2013-05-02. Retrieved 2024-02-09.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "Pirum delivers real-time Tri-Party Required Value (RQV) automation with J.P. Morgan". mondovisione (Press release). 2012-09-17. Archived from the original on 2016-08-15. Retrieved 2024-02-09.
- ^ "Euroclear partners with Pirum on tri-party securities lending | News | Futures & Options World". Futures & Options World. 2016-04-13. Retrieved 2024-02-09.
- ^
- "Eurex Clearing partners with Pirum for its upcoming CCP service for securities lending market". World Federation of Exchanges (Press release). 2012-04-23. Archived from the original on 2015-04-06. Retrieved 2015-08-29.
- "Eurex Clearing collaborates with BNY Mellon and State Street". Finextra (Press release). 2015-01-29. Archived from the original on 2021-05-18. Retrieved 2024-02-09.
- "Issue #78 Roundtable – CCPs & Securities Lending: A perfect partnership?". FTSE Global Markets. 2014-09-24. Archived from the original on 2016-03-31. Retrieved 2024-02-09.
- ^ "Pirum partners with Markit". Global Investor Magazine (defunct). 2014-09-15. Archived from the original on 2015-09-24. Retrieved 2024-02-09.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "ISLA – Associate Members Listing". ISLA. isla.co.uk. 2011-11-16. Archived from the original on 2015-04-19. Retrieved 2024-02-09.
{{cite web}}: CS1 maint: unfit URL (link) - ^ Dugdale, Mark (2015-02-05). "Private equity firms acquire stake in Pirum". Securities Finance Times. Archived from the original on 2016-10-03. Retrieved 2024-02-09.
- ^ "Pirum recruits new global head of sales". Global Investor Magazine (defunct). 2015-05-27. Archived from the original on 2016-03-04. Retrieved 2024-02-09.
{{cite web}}: CS1 maint: unfit URL (link)