How do Pershing’s customers—specifically independent broker-dealers who clear at Pershing and RIAs who custody with Pershing Advisor Solutions—benefit from the company’s worldwide footprint?
Pershing CEO Brian Shea (left) answered that question in an interview Wednesday by noting first that “the world economic scene is being restructured” as we speak, and said that the economices of emerging market nations may, for the first time, “pull developed nations out of recession.”
Furthermore, because of the deleveraging in developed nations, especially in Europe, pressure is being placed on growth rates, he said. While Shea wouldn’t comment on the wisdom of the austerity measures now being painfully put into place in nations like Greece, he did say that “spending discipline” was appropriate.
While many of Pershing’s affiliated advisors remain U.S.-centric in their investing strategies, Shea said that many of its customers are also global, and mentioned that Pershing is building on its international expertise by successfully building out the IFA (independent financial advisor) channel in the U.K., where he said Mark Tibergien, CEO of Pershing Advisor Solutions, “has been of great value.”