The Pershing team is rolling out a direct indexing product through the firm's managed accounts platform, powered by another BNY Mellon subsidiary. The launch comes as the Pershing is also rolling out a new wealth management platform for FAs.

On Tuesday, Stephanie Hill, head of index at BNY Mellon Investment Management's Mellon, and Ainsline Simmonds, president of Pershing's Pershing X unit, unveiled the new BNY Mellon Precision Direct Indexing service. Mellon manages the new service, which is available through Pershing's new cross-custodian wealth management platform, Wove. (Wove also debuted this week.) Watch for the new direct indexing service to be available through BNY Mellon IM down the line.

Pershing's clearing and custody services are included in the new direct indexing offering, which is designed allow FAs to use tax-loss harvesting, powered by Pershing X's automated tax optimizer. And Hill notes that the new direct indexing service will allow for customization "to achieve a range of goals, both financial and personal."

"With Mellon's institutional expertise in portfolio management and indexing, financial advisors, broker-dealers and RIAs can now focus on growing and scaling their business," Simmonds states.

The launch of BNY Mellon Precision Direct Indexing comes about a year and a half about Pershing bought Optimal Asset Management, a direct indexing solutions provider. 

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