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Pershing to Launch New Investment Manager Portal in Q4

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BNY Mellon’s Pershing subsidiary unveiled a new Manager Gateway, a consolidated digital solution that it said features a centralized portal and will deliver “simplified account access and a seamless model delivery process” to asset managers when it launches by the end of the fourth quarter this year.

The new portal is a successor to the company’s Manager Workstation, which Sarah Chain, director of global strategy and product management at Pershing, said launched more than 10 years ago and is now used by about 400 asset managers.

“One of the main things we wanted to do was to streamline the model delivery experience,” she told ThinkAdvisor Monday, adding Manager Gateway has been in development internally at the company for about 12 months. “It’s in its final stages” of development now, she said.

Manager Gateway will help asset managers “act on service requests and orders with ease” and reduce “duplicative efforts,” automatically collecting and processing information on behalf of their clients, Pershing said. Manager Gateway uses a single ID for simple access to all accounts, account details, billing, corporate actions, transactions and on-demand performance reports, according to the company. It also “eliminates the need for commingled manager codes, delivering better efficiencies to active sleeve managers via a single portal access,” Pershing said.

Featured in the new portal is a redesigned user interface offering new features including type-ahead, expanded search and on-demand access to reports, according to the company. Also featured is an enhanced workstation application that streamlines day-to-day processes for investment managers and a workflow tool that allows model providers to “efficiently create, manage and deliver models to investment professionals,” Pershing said. Asset managers can also customize their view using new context search criteria based on firm, style, investment professional and/or account.

Manager Gateway’s new model workflow functionality, meanwhile, “automates the historically manual process of delivering models [and] supports customizable configurations and workflows by discretionary manager, decreasing the need for investment managers to create and maintain multiple versions of the same model,” according to the company.

The Manager Gateway enhanced workstation is expected to be available to all 400 or so asset managers who deliver advisory investment solutions to Pershing clients by the end of the fourth quarter. A “phased migration to the new model workflow functionality,” however, will start in Q4 and is expected to be completed “by midyear 2020,” it said.

“Demand for model portfolios continues to rise, as advisors increasingly look to scale their business and focus on delivering added value to clients,” according to Chain. “Manager Gateway will make it easier and more seamless for investment managers to build, manage and deliver models so they can better meet the evolving needs of advisors,” she said in a statement.

Pointing out that “one of the primary pain points for investment managers is the time they spend replicating models for different clients,” she said Manager Gateway “simplifies the client service experience so that model providers only need to enter models once before they’re automatically routed to investment professionals.”

As new models are added or updated, discretionary managers will receive alerts and will be able to set up manual or automatic approvals, “eliminating an extra step for investment professionals,” Pershing said. Configurations to adjust cash allocations are also available, it noted.

The announcement was made only a few days after Pershing said it made Money in Motion analytics available to clients. That new digital solution enables financial professionals to measure organic growth by isolating the effects of market performance on their business.

— Check out Pershing CEO on What’s Up in Wealth Management on ThinkAdvisor.