Pirum
 | |
| Private company | |
| Industry | Financial services |
| Founded | 2000 |
| Headquarters | London, United Kingdom |
| Services | Securities Lending Technology Vendor |
Number of employees | 25-50 |
| Website |
Pirum |
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]
History
Prior 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][3][4]
Services
Pirum provides the following automation services to its clients:[5]
Classic
- Open and pending trade compare
- Custody reconciliations
- Billing comparison
- Billing delivery
- Income processing
Real-time
- Mark to market functionality
- Collateral and RQV services, with links to BNY Mellon[6] and JP Morgan Chase[7] Triparties
- Returns automation
- CCP functionality with Eurex[8][9][10]
- Data services with Markit[11] and SunGard's Astec Analytics product[12]
- Cash prepay reconciliations
The real-time services are used by more than 30 of Pirum's clients.[1]
Involvement in the global industry
Pirum are an associate member of the International Securities Lending Association (ISLA),[13] and regularly attend and/or sponsor industry events.
New ownership
In 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.[14][15] 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.[16]
References
- 1 2 "Five Arrows Principal Investments to acquire an interest in Pirum". cooconnect.com.
- ↑ "Pirum – About Us". pirum.com.
- ↑ "Face to face: Rupert Perry, Pirum". globalinvestormagazine.com.
- ↑ "EXCLUSIVE: Jonathan Lombardo resurfaces at Pirum - Securities Lending Times news - securitieslendingtimes.com". securitieslendingtimes.com.
- ↑ "Markit, Pirum Pair on Securities Finance Data". www.waterstechnology.com.
- ↑ "BNY Mellon boosts collateral management portal". globalinvestormagazine.com.
- ↑ "Pirum delivers real-time Tri-Party Required Value (RQV) automation with J.P. Morgan". mondovisione.com.
- ↑ "Eurex Clearing partners with Pirum for its upcoming CCP service for securities lending market – World Federation of Exchanges". world-exchanges.org.
- ↑ "Finextra: Finextra PR: Eurex Clearing collaborates with BNY Mellon and State Street". Finextra Research.
- ↑ "CCPs & SECURITIES LENDING: A perfect partnership?". FTSE Global Markets.
- ↑ "Pirum partners with Markit". globalinvestormagazine.com.
- ↑ "Pirum to feed data to SunGard – Securities Lending Times news". securitieslendingtimes.com.
- ↑ Administrator. "ISLA – Associate Members". isla.co.uk.
- ↑ "Private equity firms acquire stake in Pirum – Securities Lending Times news". securitieslendingtimes.com.
- ↑ "Five Arrows Principal Investments to acquire an interest in Pirum". cooconnect.com.
- ↑ "Pirum recruits new global head of sales". globalinvestormagazine.com.