Pershing Expands FundVest Platform

Pershing LLC, a BNY Mellon company, added new advisory and institutional share classes from nine fund families to its FundVest mutual fund platform.

Pershing says it is responding to client and investor demand for more choice and lower fees by adding 271 advisory and institutional class funds to FundVest. This increases the total number of advisory and institutional share class funds in the FundVest institutional program to 1,385, representing a total of 24 fund families.

The firm says the FundVest platform stands out because it features only no-transaction-fee mutual funds.

“We’re seeing a growing number of firms migrating from the retail share class to less-expensive institutional shares in advisory programs, with particular interest in a no-transaction-fee platform,” says Sandy Bolton, managing director of financial solutions at Pershing. “These share class additions to FundVest translate into a true competitive advantage for Pershing clients since it is uncommon for institutional and advisory share classes to be offered on a no-transaction-fee platform.”

The new additions to FundVest include share classes from 361 Capital, Baron, Deutsche Funds, Hartford Funds, Forward, Legg Mason, Pacific Life, Pear Tree and Prudential Investments.

“We expect to continue adding more funds in the future,” Bolton says, adding that the FundVest platform recently crossed the $100 billion asset level.

Through the FundVest platform, Pershing clients have access to FundVest 200, a research-driven list of no-transaction-fee funds and accompanying research reports. FundVest 200 represents approximately 40 investment categories, including non-traditional liquid alternative asset classes. The list is designed to help advisers with fund selections in the rapidly growing rep-as-portfolio manager programs.

More information on FundVest and Pershing is available here.