Where are my Formula Investing account assets held?
Your assets are held at Pershing LLC, an affiliate of The Bank of New York Mellon. Pershing is a member of the Securities Investor Protection Corporation (SIPC®). As a result, your clients’ assets are protected by SIPC, up to $500,000 in value, including $100,000 in cash awaiting reinvestment. SIPC provides protection for brokerage firms against losses should a SIPC member firm fail financially and become unable to meet obligations of its securities clients. For additional security, Pershing also provides coverage in excess of SIPC limits up to an aggregate limit of $1 billion, of which $1.9 million may cover cash awaiting reinvestment at the individual account level through Lloyd’s of London. This excess account protection offers the highest level of coverage that is available in the industry.
