Ashton Thomas Securities, a hybrid broker-dealer of Ashton Thomas Private Wealth whose advisors manage over $5B in client assets, will use Pershing’s clearing and custody services, as well as BNY Mellon’s direct indexing solutions
NEW YORK, March 4, 2024 / PRNewswire / -- BNY Mellon’s Pershing (NYSE: BK), a leading provider of global financial business solutions, announced today it will support Ashton Thomas Securities, an independent broker-dealer and registered investment advisor (RIA) owned by Arax Investment Partners (“Arax”), with clearing and custody solutions.
Ashton Thomas Securities, formerly called Excel Securities, was acquired by Arax in December 2023 to serve as the hybrid broker-dealer for Ashton Thomas Private Wealth, an Arax advisory firm. Arax is an asset and wealth management platform company backed by private equity firm RedBird Capital Partners that supports RIAs, wealth managers and advisor teams seeking to scale their businesses and expand their client offerings.
As part of the agreement, advisors from Ashton Thomas Securities will also be able to use BNY Mellon Precision Direct Indexing, which is offered by BNY Mellon Investment Management. This customizable investment strategy seeks to match the performance and overall characteristics of various major benchmarks, and can easily be integrated into clients’ portfolios.
“Arax is making a name for itself as an attractive partner for high-growth wealth managers, and Pershing is delighted to help support its new broker-dealer and RIA, Ashton Thomas Securities,” said Ben Harrison, Head of Wealth Solutions, BNY Mellon’s Pershing. “We have a long history working with the firm when it operated as Excel Securities and look forward to providing them with the tools that will help them grow and flourish with Arax. This speaks to our strong client-first mindset and BNY Mellon’s 240-year heritage of helping clients achieve their ambitions.”
“As we continue to expand and strengthen our wealth management platform, we’re excited to be developing a relationship with one of the industry’s leading providers of clearing and custody services,” said Haig Ariyan, CEO, Arax Investment Partners. “Pershing’s technology capabilities and breadth of services it can tap into as part of BNY Mellon make them an ideal collaborator for the broker-dealers and advisors we bring onto our platform.”
“We continue to see growing demand for tax management and portfolio customization capabilities from leading wealth management firms for their advisors,” said Dave DiPetrillo, Head of North America Distribution, BNY Mellon Investment Management. “Offering the capabilities of BNY Mellon Investment Management through Pershing provides Ashton Thomas Securities’ advisors with a compelling direct indexing solution.”