BNY Mellon's Pershing Announces First-Of-Its-Kind Advisory Solution

June 8, 2021

The multi-custodial solution will enable seamless management of fee-based investment advisory accounts

JERSEY CITY, N.J.— BNY Mellon’s Pershing (“Pershing”) today announced that its Managed Accounts Central—a first-of-its-kind multi-custodial managed accounts solution fully powered by a custodian—is scheduled to be available in the fourth quarter of this year to Pershing’s Wealth Solutions clients, as well as to firms who do not custody with Pershing.

Pershing Managed Accounts Central will allow wealth managers to oversee their advisory business across custodians through the convenience of a single solution. Firms can choose to outsource their managed accounts technology as well as their investment advisory solutions, or a combination of both, depending on their unique needs.

“We see growing interest in managed accounts as the shift to fiduciary advice continues,” said Sarah Chain, Director of Global Strategy & Product Management at BNY Mellon’s Pershing. “Our new solution will help support this growth by making it easier for clients to manage their advisory business via the convenience of a single platform.”

The increasing need for advice and changes in the regulatory environment are fueling the growth in managed accounts, which are projected to grow to $11.6 trillion in 2023 from $7.4 trillion at the end of 2019, according to Cerulli Associates.

“As investments in managed accounts grow, so does the need to streamline the process of running these accounts,” continued Chain. “Our new offering is designed to address that need. It will prove critical in helping advisors realize new efficiencies so they can focus on delivering holistic advice.”

Managed Accounts Central will deliver an intuitive and integrated experience, eliminating the need to toggle between multiple platforms. The flexible technology will also make it easier for advisors to provide end-to-end support from proposal to performance reporting for different types of investors, ranging from emerging to high-net-worth, so they can focus on what’s most important: spending more time with clients.

The new solution will allow advisors to manage business holistically via Pershing’s consolidated dashboard, which displays information on portfolio performance, account holdings, and asset allocation across custodians. In addition to trading and reporting tools, Managed Accounts Central will feature investment research and model management capabilities.

Managed Accounts Central will also include Pershing’s new model marketplace, which is scheduled to launch toward the end of the year. The model marketplace will be available via both Managed Accounts Central as well as Pershing’s NetX360® platform. It will feature third-party and proprietary models—offered through BNY Mellon Investment Management and Lockwood—separately managed account model portfolios, as well as separately managed account manager portfolios for fixed income.

“We continue to reimagine the experience on our platform,” said Emily Schlosser, Chief Operating Officer, BNY Mellon’s Pershing. “Our goal is to make it faster, easier and simpler for clients to access the solutions they need to power their growth.”

Pershing recently completed several levels of integrations that incorporate third-party financial planning tools into its managed accounts technology. These integrations significantly enhance the advisor experience by enabling advisors to move effortlessly from developing a financial plan to generating an investment proposal and opening an account.

Pershing’s managed accounts technology is used by more than 11,000 advisors and houses 1.6 million accounts with over $730 billion in assets.

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 March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 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.

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