Pershing, a subsidiary of The Bank of New York Mellon Corporation, said its product updates will give advisers in transition solutions designed to streamline the administrative aspects of transitioning their existing managed account business to a new organization. Those capabilities include Web-based account tracking and maintenance tools, consolidated quarterly and on-demand performance reporting, and fee billing and payment services, according to a Pershing release.
The solutions are sponsored by Pershing’s affiliate, Lockwood Advisors, Inc., and are a component of Pershing Managed Account Solutions, which encompasses all of the fee-based advisory services available through the Pershing platform.
These new solutions are available to registered investment advisers (RIAs) and advisers in transition who associate with an independent registered investment advisory firm that is a customer of Pershing’s affiliate, Pershing Advisor Solutions. Investment professionals and advisers in transition associated with an introducing broker/dealer firm that is a Pershing customer will be able to access the capabilities this summer, the firm said.