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Pershing Adds Two Firms To Trust Network
Eliane Chavagnon
22 August 2012
Pershing, a financial services subsidiary of BNY Mellon, has added BOK Financial and Independent Trust Company of America to its Trust Network platform. Trust Network is an open-architecture platform that enables its users, such as introducing broker-dealers and independent RIA customers, to offer their clients personal trust services and products. BOK Financial is a $26 billion regional financial services company based in Tulsa, OK. Advisor trust services are offered through its national bank affiliate, BOKF, NA. Yesterday the firm announced the acquisition of The Milestone Group, an RIA based in Denver which manages some $1.3 billion in equity and fixed income investments. The acquisition will bring AuM at the group's various subsidiaries to around $50 billion, and it is looking to grow through further acquisitions. Trust Company of America was founded by Santa Fe Trust, a trust company working exclusively with financial advisors. The firm helps advisors service trust customers and has a South Dakota charter. Pershing's Trust Network was launched in 2008 and allows users to manage investments for their clients' trust accounts while related assets are held in custody at Pershing.