New Products
BNY Mellon's Pershing To Launch Custody Platform For UK Financial Advisors
Pershing Limited, part of BNY Mellon, is to launch a
custodial platform in October that targets independent financial
advisers and
financial planning businesses.
The offering is an open architecture service that provides
advisors with a single point of custody and asset administration
for all asset
classes. Pershing said its new service draws on its experience in
the US
Registered Investment Advisor market and has tested the service
over the past
18 months.
“We know that by 2013, the advisor market will be very
different and we are focused on serving growth-oriented,
professionally-managed
advisors who serve investors with complex financial lives,” said
Charles van
der Merwe, chief executive of Pershing Limited.
The UK
financial advisor market is being shaken up by the Retail
Distribution Review
programme of reforms, which aim to raise qualifications for IFAs
and drive out
the use of commissions. The RDR is seen as driving some IFAs out
of business.
