Pershing and BNY Mellon Combine Bank and Brokerage Custody into a Single Service Offering

May 16, 2013

Service to benefit advisors serving ultra/high-net-worth investors

JERSEY CITY, N.J. - Pershing LLC, a BNY Mellon company, today announced that Pershing Advisor Solutions and BNY Mellon’s Wealth Management Advisor Custody Group, will now deliver a single-service integrated bank and brokerage custody offering. Advisors will no longer have to choose between custody service models and will be able to offer clients more choices. In addition, the combined offering will provide business development, relationship management, client service and technology under a single, common framework—offering greater operational efficiency and allowing advisors to deliver an integrated wealth management experience.

“Registered investment advisors who serve clients with complex financial lives often use a bank custodian for one type of client or account, and a brokerage custodian for different circumstances,” said Mark Tibergien, CEO of Pershing Advisor Solutions. “In our own case, 25% of our advisors currently use both types of platforms.” He added, “Some high net worth clients prefer the perceived safety and soundness of a bank, or use a bank for trusts, foundations and multi-generational relationships, while others prefer the efficiency and support they get from a brokerage custody platform—this allows advisors to now offer the best of both to clients.”

The more unified structure will create a richer client service experience for wealth managers, investment advisors and family offices serving the unique needs and preferences of ultra high-net-worth investors. The comprehensive, integrated bank and brokerage offering will also allow advisors to realize operational efficiencies by eliminating duplicative efforts while being supported by the strength and stability of BNY Mellon, with more than $26.2 trillion in assets under custody. BNY Mellon was named the safest bank in the United States in 2012 by Global Finance.

About BNY Mellon's Pershing

BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing more than 6 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.