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June 05, 2013 at 11:00 AM
In his remarks Wednesday at the opening of Pershing’s Insite 2013 conference in south Florida, Chairman Brian Shea welcomed the 1,400 attendees by providing some disappointing news and some good news.
The disappointing news was that keynote speaker Hillary Rodham Clinton would not be appearing, since she was eulogizing the late Sen. Frank Lautenberg, D-N.J., at his funeral (the replacement speaker for Thursday would be another former Cabinet member, ex-Defense Secretary and CIA chief Robert Gates). The good news for advisors and broker-dealers who work with Pershing is that in his expanded role with Pershing’s parent, Shea is committed to “unlocking the value of all of BNY Mellon to all of you in this room.”
Shea began by considering the state of BNY Mellon—”It remains very strong”—mentioning that not only has the bank performed well in the Treasury Department’s stress tests, but also that those tests revealed that BNY Mellon would remain profitable even under the most stressful conditions.
“That should give you confidence,” he told attendees of Pershing’s 15th annual Insite conference, “that you’ve chosen the right partner.” As evidence of the parent company’s commitment, Shea said that BNY Mellon invests $2 billion annually in technology, with “a large chunk” of that going to Pershing, “which serves you.”
