MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 6, 2018 BNY Mellon Invests Eight Figures Into Pershing 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, confirms 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. Printed from: MFWire.com/story.asp?s=58158 Copyright 2018, InvestmentWires, Inc. All Rights Reserved |