Bank of New York’s Pershing unit has replaced Standard & Poor data with Morningstar fund research on NetExchange Pro, its brokerage platform.

Pershing spokesman Jason Beyersdorfer declined to comment on why the decision to replace S&P was made.

Representatives can now access Morningstar's screening tools, holding data, NASD-compliant fund profiles, and tools that illustrate investment scenarios.

Approximately 70,000 representatives use NetExchange Pro, according to Pershing. 

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