Pershing LLC, a BNY Mellon company, announced Wednesday that it has enhanced its Trust Network with the additions of Comerica Bank & Trust and New York Private Trust Co. Trust Network is the open-architecture platform that enables Pershing’s introducing broker-dealer and independent RIA customers to offer their clients a wide range of personal trust services and solutions.
Katie Swain, director of product management and development for Pershing, said of the arrangement, “The additions of Comerica and New York Private Trust Co. expand our extensive suite of wealth management solutions and provide our customers with best-of-breed choices for serving their clients.”
Comerica Bank & Trust, a subsidiary of Comerica Inc., is one of the 25 largest U.S. bank holding companies and has over $100 billion in trust and custody assets. It forms strategic alliances with financial organizations to provide a wide variety of personal trust services including estate settlement, trust administration, closely held business management and real estate management.
New York Private Trust is a Delaware-chartered trust company providing a broad range of fiduciary services to investment advisors and other institutions lacking trust powers throughout the United States.
Pershing’s Trust Network provides capabilities that include full trustee services and administrative trustee services. The platform enables Pershing’s customers to perform investment management activities for their clients’ trust accounts with all related assets held in custody at Pershing.