Pershing launches managed account network
30 May 2007 | 706 views | 0
Pershing, a subsidiary of The Bank of New York Company, has launched Managed Account Network, an innovative, open architecture platform that allows introducing broker-dealer firms to offer their clients a wide range of managed account solutions from industry-recognized turnkey asset management program providers.
Through Managed Account Network, Pershing's introducing broker-dealer customers can access the services of external asset management program providers such as Lockwood Advisors, FundQuest, Envestnet Asset Management, Morningstar Investment Services and Tercet Capital, LLC, and hold the related assets in custody at Pershing. The extensive array of managed account services offered include separately managed accounts, unified managed accounts, mutual fund wrap accounts and advisor-directed programs.
Pershing has offered a broad selection of managed account services, including turnkey and private label platforms since 1991. Through Pershing's affiliate, Pershing Advisor Solutions LLC, independent registered investment advisors have been able to access an open architecture platform and the managed account services of various external program providers since 2001.
Ron Fiske, managing director of the product management and development group at Pershing, said, "Investment professionals are increasingly looking for flexible managed account services to fulfill their clients' needs. The open architecture of Managed Account Network will enable our introducing broker-dealer customers to work closely with some of the finest turnkey asset management program providers in support of their strategic business objectives."