A broker-dealer clearing giant and growing RIA custodian is about to go through an eight-figure, multi-year revamp across its whole business.
Today Lisa Dolly
, CEO of Pershing
that parent company BNY Mellon
will be investing more than $50 million into Pershing in the coming years. A spokesman for Pershing confirms that the investment "will go across all areas of the business, including FundVest
[Pershing's NTF mutual fund platform] and the Retirement Plan Network
[Pershing's retirement plan platform]."
Broadly, the multi-year investment at Pershing will include: hiring staff in business development, operations, relationship management, service, and technology; a marketing boost and more RIA support; and client experience enhancements like NetX360 Wealth
(for B-Ds and RIAs to pull together their advisory, bank custody, and brokerage business) and ManagedConnect
(an open-architecture managed account platform).
Dolly also noted that Pershing's RIA custodial platform reached 752 RIAs and $615 billion as of March 31, up 11 percent year-over-year and up more than ten-fold from $53 billion in 2010.
"This is a pivotal time to take our business to the next level so we can maximize our footprint among the professionally managed, growth-oriented RIA firms," states Mark Tibergien
, CEO of Pershing's advisor solutions business.
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