RIA Assets on BNY Mellon’s Pershing Platform Cross the $600B Mark

June 6, 2018

Firm commits more than $50 million in additional investment to fuel the growth of advisory business

ORLANDO, Fla., June 6, 2018 — BNY Mellon’s Pershing (Pershing) announced today that fiduciary assets under custody on the Pershing platform have reached $615 billion as of March 31, 2018, an 11 percent increase over the trailing 12 months.

Fiduciary assets on the Pershing platform have been growing steadily over the past eight years, from $53 billion on the platform in 2010, to over $600 billion today. This significant growth is in large part a result of Pershing’s focus on serving large, professionally managed registered investment advisor (RIA) firms, as well as corporate RIAs, along with trust companies and multi-family offices. As a result, Pershing is now one of the largest custodians of fiduciary assets in the nation.

“The growth of our RIA business is a testament to our ability to support a wide range of clients and capitalize on the trends reshaping the wealth management business,” said Lisa Dolly, CEO of BNY Mellon’s Pershing. “Positive forces of change in the industry, fueled by shifting investor preferences and a growing desire for transparency, are driving the growth of the advisory business. Given our extensive industry knowledge and long history of working with the nation’s largest financial services firms, we are uniquely positioned to deliver solutions that will assist RIAs in growing their businesses and establishing their own unique brand in a competitive marketplace.”

The total number of RIA firms on the Pershing platform as of March 2018 was 752. From March 2017 to March 2018, fiduciary assets on the Pershing platform grew by $60 billion. Roughly one-third of the growth came from net flows, while the remaining two-thirds was market related. The average size of RIA assets custodied on the Pershing platform is $813 million.

“In an effort to continue to anticipate clients’ needs and industry changes, today we are announcing an additional multi-year investment of more than $50 million in our business, which will help us further accelerate our growth in the wealth and advisory market segments,” added Dolly.

The investment in the business will focus on three core areas:

  1. Human Capital – Pershing is planning to bolster its relationship management, business development, operations, and service areas to support the growth of its business. The team will seek to hire new technology professionals to deepen its integration and digital client experience capabilities. As part of this initiative, the firm recently announced the creation of a new head of advisor solutions platform strategy role, signaling greater emphasis on delivering industry-leading technology to the RIA market.
  2. Client Experience – Pershing will focus a significant part of its investment on advancing its integrated, seamless client experience offering, which enables firms to create their own ecosystem and unique client experience to better serve their clients.

    New solutions developed to enhance Pershing’s client experience include:

    • NetX360® Wealth, which will allow clients to create their own digital ecosystem. This new platform will offer a unified experience for brokerage, bank custody and advisory businesses—one that covers the full value chain from prospecting, to client onboarding, to investment management.
    • ManagedConnect, which is a dual contract managed account offering that will allow RIAs to design customized portfolios by seamlessly connecting their investors to a wide array of money managers via a flexible, open-architecture managed account platform.

    Further, Managed360®1, which is a turnkey solution designed to help financial professionals scale their managed accounts business, will now be available to RIAs.

    Throughout 2018, Pershing will continue to develop new, experience-centric tools designed to provide clients with a menu of options to choose from to help them create a customized client experience.

  3. Growth – Pershing is also ramping up investments in packaging marketing services and tools in an effort to increase touch points with clients and drive increased growth. Investments in marketing will help raise the visibility of the RIA community, driving organic and inorganic growth on the platform.

    In addition, a new leadership development program for next generation advisors to optimize workplace efficiency and productivity, as well as technology consulting and business analysis tools, will help support Pershing’s growing RIA client base.

“Firms that can design a service model optimized for their clients’ unique needs, or that have a technical superiority, will be more likely to thrive over the long term,” said Mark Tibergien, CEO of BNY Mellon’s Pershing Advisor Solutions. “We think 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. As the growth of the advisory space continues, these investments will allow us to scale rapidly and effectively to serve the needs of the nation’s largest and most pre-eminent advisory firms.”

1 Managed360 is made available by Lockwood Advisors, Inc. (Lockwood). Lockwood is an investment adviser registered in the United States under the Investment Advisers Act of 1940, an affiliate of Pershing LLC and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon).

About BNY Mellon's Pershing

BNY Mellon’s Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation.

Wealth management and institutional firms outsource to us for trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights, and business consulting.

Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.

Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on LinkedIn or 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 and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 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.