Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has launched a new and innovative Trust Network for its introducing broker-dealer and independent registered investment advisor (RIA) customers.
Trust Network is an open architecture platform that enables Pershing's customers to offer their clients a wide range of trust services and solutions from industry-recognized trust companies.
Pershing's Trust Network offers customers experienced trust administration services from AST Capital Trust Company, Reliance Trust Company, Santa Fe Trust, Inc. and Wilmington Trust, and enables Pershing's customers to perform investment management activities for their clients' trust accounts. The broad array of capabilities offered through the platform includes full trustee services, agent for trustee services and trust reporting. All related assets are held in custody at Pershing. This new solution is available to Pershing's introducing broker-dealer customers through Pershing LLC and RIAs via Pershing's affiliate, Pershing Advisor Solutions LLC.
Jim Crowley, managing director at Pershing, said, "We understand that trusts are among the most important wealth management planning tools that our introducing broker-dealer and RIA customers can offer their clients. This new platform enhances our extensive suite of wealth management solutions and provides our customers with the flexibility to choose the trust administration provider that can best support their strategic business objectives and their clients' needs."