BNY Mellon Ramps Up Pershing Investment Amid RIA Growth

Tom Burroughes

7 June 2018

, among others.

The firm will be hiring new technology professionals to “deepen its integration and digital client experience capabilities” and it has created a new position, the head of advisor solutions platform strategy, and appointed Christina Townsend to take on that function, the report said.

It will be offering two new platforms to enhance the client experience: NetX360-Wealth, a wealth management platform for brokerage, bank custody and advisory businesses covering services from prospecting to client onboarding and investment management, and ManagedConnect, a dual contract management account offering (for clients contracting with RIAs and money managers) that allows RIAs to design customized portfolios connecting investors with a wide array of money managers.

BNY said Pershing’s fiduciary assets under custody on the Pershing platform have reached $615 billion as of March 31, 2018, an 11 per cent increase over the trailing 12 months. Fiduciary assets on the Pershing platform have grown from $53 billion on the platform in 2010, to over $600 billion today.

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.