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An Evolving Relationship Redefining Industry Standards
FEBRUARY 2024 UPDATE
How Loop Capital and BNY Mellon continue to break new ground to drive positive change.
In 2023, the collaborative relationship between Loop Capital and BNY Mellon continued to prove that decades of trust are the ideal springboard for new ideas to drive progress where it’s needed most. Today, the collaboration that began 25 years ago between Loop Capital’s CEO Jim Reynolds, and BNY Mellon leaders James Roundtree and Tonia Bottoms, has grown to support a range of capabilities – helping Loop Capital to raise, manage and distribute capital across a broad array of new client opportunities and ignite new possibilities to strengthen the communities they serve.
What [BNY Mellon has] done is challenge us, particularly within the minority business network, to evolve. Working together is a commitment – that's the real value BNY Mellon offers. It's embedded in the culture. They live it.
— Jim Reynolds, Jr., Founder and CEO, Loop Capital
With the help of the BNY Mellon team, Loop Capital has continued to mark significant milestones throughout its growth: establishing robust investment banking and trading functions, expanding its global reach, moving from a joint to solo bookrunner* in substantial bond issuances, and exploring diverse initiatives in mutual funds, exchange-traded funds (ETFs) and asset management.
“As Jim grew his organization, BNY Mellon was able to support him in all aspects. That's what true collaboration is about - it’s both entities knowing their strengths and bringing them together for a positive outcome,” said James Roundtree, Managing Director, Pershing, BNY Mellon.
Importantly, it’s been a relationship focused on impact that reaches far “beyond the book.” Growing hand-in-hand with these expanded offerings has been the ongoing vision for driving positive change.
“What [BNY Mellon has] done is challenge us, particularly within the minority business network, to evolve. Working together is a commitment - that's the real value BNY Mellon offers. It's embedded in the culture. They live it,” explained Reynolds.
Tonia Bottoms, BNY Mellon managing director, notes several pivotal moments of working together. At the 2023 BNY Mellon | Pershing INSITE conference, Jim Reynolds hosted a mainstage session with Magic Johnson where they discussed their perspective on leadership, the impact of philanthropic efforts and investments in women- and minority-owned businesses. Additionally, both firms came together to connect their 2023 intern classes with executives in a session to share insights and experiences. The growth of the relationship reflects BNY Mellon's interest in leveraging expertise to collaborate in innovative ways with minority-led firms.
Looking ahead, as BNY Mellon commemorates its 240th anniversary, both firms look toward a future of redefining industry standards and building a more inclusive financial landscape. Jim reflects that “BNY Mellon is leading the way for many other banks to look at the world around them a little bit differently.” As the relationship with Loop Capital flourishes, it serves as a catalyst for BNY Mellon to keep imagining new ways to collaborate with minority-led firms and to positively impact communities.
FEBRUARY 2023
How Loop Capital is furthering opportunities for minority communities through a trusted relationship with BNY Mellon.
Headquartered in Chicago, Loop Capital helps people, corporations, institutions and governments drive growth and change by raising, managing and distributing capital.
Named for the Windy City’s famous vibrant downtown “Loop,” the company was founded in 1997 by Jim Reynolds with a staff of six focused on tax-exempt fixed income and equity trading.
Loop Capital has grown into a global investment services provider with the expertise and services of others including a 25-year relationship with BNY Mellon Pershing as their clearing firm.
Aligning Actions With Intention
Reflecting upon his experience in the business, Reynolds knew there was untapped potential, particularly in underserved neighborhoods. “Wall Street has long missed the opportunity to seriously promote and change minority communities,” said Reynolds.
Highlights
As a full-service investment bank, brokerage and advisory firm, Loop Capital provides innovative capital solutions for corporate, government and institutional clients around the world
Through a unified solutions approach with BNY Mellon, both firms are able to realize further growth potential
Due to their deep expertise and knowledge of complex debt issues, BNY Mellon selected Loop Capital as a joint lead bookrunner
Loop Capital leverages their success toward ambitious projects helping communities in need and providing career opportunities to students from diverse backgrounds
Wall Street has long missed the opportunity to seriously promote and change minority communities.
— Jim Reynolds, Jr., Founder and CEO, Loop Capital
Reynolds found an ally in Tonia Bottoms, managing director, BNY Mellon Pershing, who felt the same way. “Loop Capital is one of the premier investment banks, and Jim Reynolds’ focus on helping the community spoke to me as well,” said Bottoms.
This led to conversations with BNY Mellon senior leadership to further explore ways the two companies could grow their businesses together. Through a unified approach the capabilities of the whole firm can be brought together with our clients to unlock shared potential.
Founded
1997
Client Since
1999
Headquarters
Chicago, IL
Number of Employees
260
Loop Capital is one of the premier investment banks, and Jim Reynolds’ focus on helping the community spoke to me as well.
— Tonia Bottoms, Managing Director, Pershing, BNY Mellon
Allies in Opportunity
By leveraging BNY Mellon resources, Loop Capital gained a single access point to the full breadth of BNY Mellon’s business and a full suite of services including expertise in bonds, equities, international trading, investment banking, public finance and clearing services. BNY Mellon also assisted with providing lines of credit and connectivity to the Federal Reserve.
Loop Capital has a history of thinking big and taking action. For example, Loop Capital joined forces with Magic Johnson Enterprises (MJE) to raise over $1 billion to fund necessary renovations to New York’s LaGuardia Airport. Other endeavors include financing film studios in Chicago and housing projects in Los Angeles.
I didn't know that we'd be the first diverse-owned firm to be a bookrunner on (BNY Mellon) deals or how significant they would be to us in our quest to become a primary dealer.
— Jim Reynolds, Jr., Founder and CEO, Loop Capital
In the second quarter of 2022, BNY Mellon issued $1.7 billion of senior medium-term notes with Loop Capital as one of three minority-owned financial institutions acting as joint lead bookrunners.* And in October of that year, Loop Capital’s deep expertise and knowledge of complex debt resulted in BNY Mellon selecting the firm as a joint lead bookrunner on a significant bond issuance. When we connect the dots we have solutions to help enable their growth strategy.
“I didn't know that we'd be the first diverse-owned firm to be a bookrunner on (BNY Mellon) deals or how significant they would be to us in our quest to become a primary dealer,” said Reynolds.
A Commitment to Change
Loop Capital is working through the process to become a primary dealer with the Federal Reserve. If approved, they would be one of the first minority-owned primary dealers in the U.S.
But that isn’t the only bold goal. “One of the reasons that I wanted to be an entrepreneur and start my own business was to make a bigger difference than just making money,” Reynolds said.
I’m very happy and proud to have BNY Mellon as a partner. You’re going to see us changing the landscape in society. I think we’ll be doing a lot of that together.
— Jim Reynolds, Jr., Founder and CEO, Loop Capital
Loop Capital’s work has spun off several ambitious projects providing young people with hands-on career opportunities. One such project – borne out of the collaboration with MJE at LaGuardia – teaches students about career opportunities in airport operations. Another project underway is a studio on the south side of Chicago where young people can learn about working behind the camera in video productions. And Reynolds is also proud of Loop Capital’s own internship program, where an interest in financial services careers is fostered among students from diverse backgrounds who will play an important role in the future of the industry.
The relationship between Loop Capital and BNY Mellon continues to grow. Recently, Bottoms invited Reynolds to join the newly launched Minority Business Enterprise Council to focus on growth and empowerment in minority-owned businesses. “The relationship shows there's really opportunity for all of us to contribute to change,” said Bottoms.
By delving deeper into the capabilities of our clients we find linkages where the collective offerings of BNY Mellon can support them. The collaborative success with Loop Capital helps jump-start other ideas on how we can elevate the goals and enhance the growth of smaller firms, which in turn can impact their communities.
“I’m very happy and proud to have BNY Mellon as a partner,” said Reynolds. “You’re going to see us changing the landscape in society. I think we’ll be doing a lot of that together.”
*What is a Bookrunner?
In investment banking, a bookrunner is usually the main underwriter or lead-manager/arranger/coordinator in equity, debt or hybrid securities issuances. The bookrunner usually syndicates with other investment bankers in order to lower the risk.