BNY Mellon says it has split its U.S. custody business in two as a way to better address a marketplace that is moving toward what the company called “holistic wealth management.”
Pershing, which has some $2 trillion in assets, will now operate as two segments: Wealth Solutions and Institutional Solutions.
The move is aimed at serving Pershing’s evolving clientele, according to Barron’s, which noted that “large RIAs that already custody with the firm are getting even bigger and more complex”and that Perhsing is trying to “add more small advisory firms to its roster.”
Wealth Solutions will be co-led by Maura Creekmore and Ben Harrison and “deliver an improved lending solution, along with digitized account opening and asset transfers,” according to ThinkAdvisor, citing a statement from the company.
Institutional Solutions will focus on serving broker-dealers, investment banks, hedge funds, etc. The unit will be helmed by David Hopkins, ThinkAdvisor report.
Pershing serves more than 1,300 clients, which include broker-dealers, hedge funds and Registered Investment Advisors.
