- CMA's independent survey scores banks on quality of service
- VTB reaches agreement on the acquisition of Bank Vozrozhdenie
- House purchase activity slowed in June but remortgaging activity remains high, says UK Finance
- FCA makes it easier for customers to use and compare current accounts
- FreeAgent secures Open Banking registration from FCA
- New FCA rules double pressure on traditional banks to provide seamless service, says Intelenet
- Deutsche Bank Wealth Management steps up growth plans expired
- DevOps adoption will accelerate over the next two years in the financial services sector, finds Claranet expired
- NatWest and RBS launch 2018 Student Account expired
- Fundsquire hires new UK Managing Director expired
- Robo-advice will offer competitive advantage to traditional wealth managers, says GlobalData expired
- RBS launches the ‘100 Women’ event series expired
12th June 2018
RIA assets on BNY Mellon's Pershing Platform cross the $600bn mark
BNY Mellon has announced that fiduciary assets under custody on the Pershing platform have reached $615bn as of 31st March, 2018, an 11 per cent increase over the trailing 12 months. Fiduciary assets on the Pershing platform have been growing steadily over the past eight years, from $53bn on the platform in 2010, to over $600bn 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.
Lisa Dolly, CEO of BNY Mellon's Pershing, said: "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. Positive forces of change in the industry, fuelled 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 $60bn; 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 $813m.
"In an effort to continue to anticipate clients' needs and industry changes, we are announcing an additional multi-year investment of more than $50m in our business, which will help us further accelerate our growth in the wealth and advisory market segments," said Ms Dolly.
The investment in the business will focus on three core areas:
1. Human Capital
2. Client Experience
In addition, a new leadership development programme for next-generation advisors to optimise workplace efficiency and productivity, as well as technology consulting and business analysis tools, will help support Pershing's growing RIA client base.