Mr. Dunlap will be responsible for operations and technology for Pershing's fee-based managed account solutions.

Mr. Dunlap brings more than 18 years of financial services experience to Pershing. Most recently, he served as president of Finetre Corporation, where he played an integral role in positioning the firm as a leading provider of online annuity and life insurance transaction processing, workflow management and regulatory compliance platforms to major brokerage firms and insurance companies. Prior to joining Finetre, Mr. Dunlap was an executive vice president at Thomson Financial, where he was responsible for managing the business development, product management, international expansion and technology initiatives across three divisions within its CDA/Weisenberger unit. Before that, he served as vice president of product management focused on technology solutions for investment professionals. He began his career as a branch manager at First Virginia Bank and later was a broker at Legg Mason Wood Walker, Inc.

Jim Seuffert, chief executive officer of Pershing Managed Account Solutions, said, "Our introducing broker-dealer and independent registered investment advisor customers continue to express strong demand for scalable, high-quality managed account solutions and services. Steve's extensive product management, business development and technology experience, coupled with his broad knowledge of the financial services industry, will help us grow our business and extend our market-leading position in the managed account market."

Pershing Managed Account Solutions offers introducing broker-dealer firms, investment professionals and independent registered investment advisors a comprehensive suite of managed account solutions and services. It encompasses all of Pershing's fee-based advisory and non-advisory services, including Lockwood's turnkey and customized managed account offerings and industry- leading solutions from third-parties via Pershing's Managed Account Network and Managed Account Direct platform.