Bank of New York Mellon Corp. is expanding further into the fast-growing retail wealth market by acquiring the Archer technology firm to handle infrastructure and distribution of managed accounts to financial advisers and their clients.
The acquisition of Berwyn, Pennsylvania-based Archer will also help BNY market its own investment strategies and custody bank business, according to a statement Thursday. The deal is expected to be completed in the fourth quarter, pending regulatory approval. Terms weren’t disclosed.
“Managed accounts — and very specifically retail-managed accounts — are one of the fastest-growing products in the asset-management industry,” Emily Portney, BNY’s global head of asset servicing, said in an interview.
The biggest money managers are increasingly focused on the US wealth market, partnering or buying technology and firms to distribute managed accounts, model portfolios and private assets to wealthy clients. The retail managed account business in the US is projected to grow to more than $8 trillion by 2027 from almost $5 trillion last year, according to BNY’s analysis of data from Cerulli Associates.
Archer was founded in 2000 to help investment managers outsource technology and middle- and back-office operations. Asset managers use its technology for accounting, data reporting and reconciliation of transactions, and it then connects with banks and investment platforms that distribute financial investment strategies.
BNY had almost $50 trillion of assets under custody and administration as of June 30.
Britt is named CFO of Wipfli, a $600 million accounting firm that audits two NFL franchises
The acquisition pairs Zephyr's 21,000-product separately managed account database with Y Charts' newly launched AI agent assistant for investment research.
The war for talent continues in the Sunshine State with as Truist and RayJay teams managing a collective $1 billion in client assets defect to other firms.
Americans now estimate they need $1.2 million to retire comfortably, but rising costs and debt are making that goal increasingly difficult to reach.
Crewe Advisors' Ryan Halliday and Accelerated Wealth Partners' Eric Amar suggest mega RIA's readiness to integrate — not just scale — will determine whether an IPO exit actually works.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
