Pershing LLC subsidiary iNautix LLC on Wednesday will introduce a next-generation document management solution geared toward introducing broker-dealers, investment professionals and independent registered investment advisers.
Called iNautix Document Management, the system will allow broker-dealers and advisers to capture and then store, route and retrieve information and documents via the Internet from any location, iNautix managing director Marc Butler said in an exclusive interview.
Hosted by iNautix, the new solution relieves broker-dealers and advisers from managing their own document systems.
"We're certainly not new to document management [at Pershing]. We've been at it four to five years in terms of internal and Pershing-required documents, especially when it comes to the more time-sensitive transaction documents," Mr. Butler said.
Patrick Yip, iNautix director, added: "We are trying to eliminate the need for broker-dealers to get deeper into the technology business, and our solution goes beyond just the home office level being offered by [other broker-dealers who have created their own document management systems]. Ours goes down to the adviser level."
The system is already in use by four broker-dealers that assisted with its development. A handful of advisers and investment professionals at four other broker-dealers also are piloting the program, Mr. Yip said. He declined to name any of the firms involved.
As of this week, introducing broker-dealer firms affiliated with Jersey City, N.J.-based Pershing and their investment professionals will be able to access this new system through the firm's NetExchange Pro online brokerage platform. Independent RIAs will be able to access iNautix Document Management through Pershing's affiliate, Pershing Advisor Solutions LLC, via its NetExchange Advisor online account management solution, beginning in the third quarter.
iNautix officials declined to provide system development costs, citing competitive reasons. They added that a separate initiative was under way to develop a paperless e-signature system that would work in tandem with the document management system.
Pershing will formally announce the solution at its national Insite conference in Hollywood, Fla., this week.
iNautix is also based in Jersey City.
Pershing is a unit of The Bank of New York Mellon Corp.
E-mail Davis D. Janowski at [email protected].
