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:
New solutions developed to enhance Pershing’s client experience include:
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.
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 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, managed account technology and operations 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 offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is 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 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. As of Dec. 31, 2019, BNY Mellon had $37.1 trillion in assets under custody and/or administration, and $1.9 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.