What You Need to Know
- Pershing is dividing its U.S. business into Wealth Solutions and Institutional Solutions segments.
- The change goes into effect May 1.
- Pershing has over $2 trillion in assets and millions of investor accounts.
BNY Mellon’s Pershing says it is realigning its U.S. business to address shifts it sees “in the marketplace driven by the convergence of business models and the move toward holistic wealth management.”
As a result, effective May 1, the firm will be newly aligned under two main segments — Wealth Solutions and Institutional Solutions — down from three segments, one of which served broker-dealers.
Wealth Solutions, co-led by Maura Creekmore and Ben Harrison, will focus on RIAs, wealth-oriented broker-dealers and trust companies. It aims to “address the evolving and converging needs of these clients,” the firm said.
The segment plans to deliver an improved lending solution, along with digitized account opening and asset transfers, allowing clients to scale their businesses, according to the Pershing announcement.
Pershing is also integrating more of its work with innovators across portfolio management, financial planning and client relationship management, it said.
Institutional Solutions, meanwhile, is being led by David Hopkins and will serve institutional-oriented BDs, investment banks and other capital markets firms, hedge funds and alternative investment managers.
Pershing’s institutional platform offers clients a “single, seamless experience backed by the strength and scale of BNY Mellon, offering financing, collateral management, global trade execution, securities lending and syndicate capabilities,” the company said.