Bruce Bent ll is an experienced entrepreneur credited with creating some of the most innovative short-term asset management, cash and cash-related solutions for the broker-dealer, bank, qualified plan, and retail markets. His vision and entrepreneurial drive have been the catalyst for some of the most influential and relevant products in the technological development of cash sweep and expanded FDIC-insured programs. Holding over 60 privately held patents, Bent’s inventions have helped transform the FDIC-Insured cash management landscape into a more than $1 trillion industry today.
He is also a proven manager and C.E.O. who managed the spectacular growth of The Reserve—a money market mutual fund and FDIC cash management business—over a 17-year period. Bent was directly responsible for the orderly liquidation and sale of some of the firm’s subsidiaries and affiliates following the financial crisis of 2008.
A Vice Chairman and President of leading financial services and technologies company Double Rock Corporation, Bent serves as a senior executive to each of Double Rock’s six wholly-owned and subsidiary companies including Access Control Advantage LLC, an innovator in the retirement market, and Island Intellectual Property LLC which engages in patent licensing in the financial services industry. Both firms have become widely recognized as innovators in their respective markets.
Prior to the financial crisis of 2008, Bent was President of The Reserve, which was one of the largest privately held money-market institutions in the world and offered the second-largest money market fund in the world. Headquartered in New York, NY, The Reserve employed over 300 people including sales professionals nationwide. Under Bent’s guidance product lines and markets of distribution were greatly expanded and diversified—the organization’s assets under management in all cash products grew from $4 billion to over $130 billion over a 17-year period. Annualized revenue and EBITDA reached $155 million and $90 million respectively.
Bent was responsible for overseeing the orderly winding down of The Reserve money market mutual fund products following the Lehman Brothers bankruptcy in September of 2008. The product line was voluntarily closed by its management with holders in the Reserve Primary Fund receiving 99 cents on the dollar for their original investment, and 100 cents on the dollar for all other money funds.
Quoted in numerous publications including the Wall Street Journal, Financial Times, and New York Times and many others, Bent previously penned a column on the topic of investing in the publications World Journal and China Press. He was featured in the book Leadership Secrets of the World’s Most Successful CEOs and quoted as a patent subject matter expert on the back cover of The Corporate Insider’s Guide to U.S. Patent Practice.
Bent is, and has been involved in many entrepreneurial ventures including asset management, intellectual property, financial technologies, business consulting, consumer goods, pharmaceuticals, healthcare financing, etc. Bent is a member of the Young Presidents’ Organization, a peer network connecting nearly 10,000 young global business leaders worldwide and was former finance chairman of its Gotham chapter in Manhattan. He is a board member of the 99 Jane Street Condominium Association. He was also a member of the Entrepreneurs’ Organization in Manhattan and has served on the President’s Advisory Council of Scenic Hudson, an environmental organization that protects and restores the Hudson River and its riverfront.
Bent earned a Bachelor of Science in Philosophy from Northeastern University.