BNY Mellon Pershing will offer a managed account platform open to all in the fall.
The Jersey City, New Jersey-based custodian said its Managed Accounts Central platform will be open to its own clients, as well as, to firms that do not custody with Pershing. The platform will allow wealth managers to oversee their advisory business across custodians through a single solution, with users being able to outsource their managed accounts technology as well as their investment advisory solutions, or a combination of both.
“Our new offering is designed to address the need to streamline the process of running managed accounts,” said Sarah Chain, the firm’s director of global strategy and product management.
Managed accounts are projected to grow to $11.6 trillion in 2023 from $7.4 trillion at the end of 2019, according to Cerulli Associates.
The move follows earlier dealmaking and leadership changes as the Overland Park-based hybrid RIA builds toward a nonprofit-focused institutional platform.
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