Pershing and BNY Mellon Private Banking Celebrate the One-Year Anniversary of its Bank and Brokerage Custody and Private Banking Offerings

November 17, 2014

One year anniversary marks success and affirms market leader status within industry

JERSEY CITY, N.J., – Pershing LLC, a BNY Mellon company, celebrated the one year anniversary of launching its combined bank and brokerage custody offering. This year also marks one year since Pershing began offering private banking services to wealthy clients of advisors who work with the company.

The combined custody offering allows advisors to hold assets at either a bank or brokerage custodian while being serviced by the same team. It gives them flexibility to choose the platform that best meets their clients’ needs based on the type of relationship they are managing or the type of account that is being opened.

“We combined the capabilities of Pershing and our parent company BNY Mellon in response to the demand of advisors to simplify the way in which they custody assets and execute transactions,” said Mark Tibergien, CEO of Pershing Advisor Solutions. “By combining the service teams, advisors are able to manage the total client relationship, particularly with high-net-worth clients, who may need a bank custodian in one circumstance and a brokerage custodian in another.”

To further help advisors improve their efficiency, Pershing has embarked on a major technology integration project to enhance the on-line experience of the bank and brokerage offering.

The Private Banking solution, which was also launched last year, is a collaboration between Pershing and BNY Mellon Private Banking. Through the service, BNY Mellon private bankers and mortgage lenders help advisors with liquidity management by offering lending solutions, including investment credit lines, life insurance premium financing, residential and commercial mortgages.

“This is a major step up from what advisors can do with traditional brokerage custodians who rely on Regulation T or margin type loans which have a lower release rate and where the assets can be hypothecated,” said Tibergien. “The size of the loans are much larger than what is generally available at brokerage-based custodians. Additionally, advisors have experienced strong asset gathering and retention resulting from their clients using this service.”

“Advisors have embraced the private banking services offering,” said J. Robert Larue, national director, Private Banking Advisor Channel at BNY Mellon Private Banking. “By partnering with BNY Mellon private bankers, they are able to develop a strong team that significantly broadens the scope of financial advice and services they are able to provide to their clients.”

Since the launch of the private banking services, high-net-worth investors who work with Pershing’s advisor clients have taken full advantage of the offering including jumbo mortgage loans and securities based loans.

“The opportunity to offer our clients private loans through our relationship with Pershing has been a value-added service to both us and our clients by helping to streamline how our clients manage their financial affairs,” said Richard R. Hough III, CEO and president of Silvercrest Asset Management Group LLC, an independent employee-owned registered investment adviser. “Such services from Pershing demonstrate their understanding of our clients’ needs and enhances our ability to deliver on our unwavering commitment to client service.”

To help support the current and projected growth of this enhanced client experience, BNY Mellon Private Banking has created a new team of experienced Private Bankers and Mortgage Banking Officers and plans to expand that team over the next year.

About Pershing

Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. 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, 2016, BNY Mellon had $29.1 trillion in assets under custody and/or administration, and $1.6 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.