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Just as we insist on excellence in the Account Executives associated with us, we also have high standards for our business partners. Serving as custodian for our clients' assets and portfolios is a BNY Securities Group Company.
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The Bank of New York Company, Inc., one of the largest financial holding companies in the United States, provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Securities Servicing and Global Payment Services, Asset Management & Private Client Services, Corporate Banking, Retail Banking, and Financial Market Services. The Bank of New York, its principal subsidiary, was founded in 1784 by Alexander Hamilton and is the nation's oldest bank.
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We also know that the safety of your assets is one of your primary concerns. That is why you are protected for the total net equity of your securities and cash balances within your account.
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Pershing, LLC - A Bank of New York Securities Group Company is a member of the Securities Investor Protection Corporation (SIPC) and in the event of financial failure of the broker-dealer customer accounts are protected by it. The limit of SIPC protection is $500,000 for covered securities. Cash balances are protected up to $100,000, which is included in the $500,000 maximum. These limits apply on a per-customer basis.
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In addition to the basic SIPC protection, Pershing, LLC has purchased an extension of the SIPC protection for clients of Vanguard Capital. With this extension, you are protected for the total net equity (as defined by SIPC) representing the securities and cash balances within your account.
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This protection applies on a per-customer basis as determined by SIPC. A customer who has several accounts with our firm in a single capacity would generally be considered a single customer for the purposes of applying these limits. A customer who maintains separate accounts in separate capacities could be deemed a different customer in each capacity.
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While neither SIPC nor excess SIPC covers losses in the market value of securities due to market fluctuations, you can be confident that Vanguard Capital and Pershing, LLC are focused on giving you peace of mind about the safety of your investments.
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Vanguard Capital is not affiliated with the Vanguard Group of mutual funds.
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