BNY Mellon’s Pershing announced today it plans to roll out what it calls the first multi-custodial managed accounts solution that’s “fully powered” by a custodian. The custodian and clearing firm said its Managed Accounts Central offering will be available in this year’s fourth quarter to both Pershing’s Wealth Solutions clients and to firms who do not custody with Pershing.
According to the company, Managed Accounts Central will deliver an intuitive and integrated experience, eliminating the need to toggle between multiple platforms. Instead, Pershing’s consolidated dashboard will display information on portfolio performance, account holdings, and asset allocation across custodians. In addition to trading and reporting tools, Managed Accounts Central will also feature investment research and model management capabilities.
The new service, as well as Pershing’s NetX360 platform, will also include the company’s new model marketplace. It will feature third-party and proprietary models, which are available through both the BNY Mellon Investment Management and Lockwood Advisors separately-managed account-model portfolios and separately-managed account-manager portfolios for fixed income.
Firms that use this system can choose to outsource either their managed accounts technology or their investment advisory solutions, or both.
“As investments in managed accounts grow, so does the need to streamline the process of running these accounts,” Sarah Chain, director of global strategy & product management at Pershing, said in a press release. “Our new offering is designed to address that need.
Pershing LLC is a BNY Mellon company with more than $2 trillion in assets and millions of investor accounts worldwide. Pershing affiliates include Albridge Solutions Inc., a portfolio performance reporting company in Pennington, N.J., and Lockwood Advisors Inc., an investment advisor in King of Prussia, Pa.