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 finance professor and quant investing veteran believes with the right guardrails, artificial intelligence could be trusted to meet the high bar of fiduciary advice.
UBS has also regained some ground as it recruited an experienced Merrill advisor in New York.
The ex-Bay Area broker reportedly continued to peddle fake bond investments, promising rates of returns exceeding 20%, even after FINRA suspended his license in 2014.
Predictive analytics, artificial intelligence, and cybersecurity are now high on compliance officers' lists as off-channel communications are relegated down the rankings.
Latest deal further expands the RIA acquirer’s footprint in Texas.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
