Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation (NYSE: BK), announced today that it has begun providing its introducing broker-dealer and independent registered investment advisor (RIA) customers with access to a comprehensive performance reporting solution from Black Diamond.
This new tool is accessible through NetX360(TM), Pershing's revolutionary technology platform, that provides investment professionals and RIAs with a complete solution to help them efficiently manage their commission and fee business on a single, integrated workstation.
Black Diamond's performance reporting solution enables Pershing's customers to better manage their clients' investment portfolios. Investment professionals, RIAs and dually registered advisors are able to view a complete portfolio of their clients' assets, including assets held away from Pershing. The Black Diamond solution also provides access to a broad array of critical business information and a wide range of cutting-edge functionality directly from within NetX360, such as an intuitive, customizable homepage, flexible reporting levels, daily returns, ad-hoc and batch client report creation, composite reporting and maintenance, cost basis tracking and tax-lot entry and benchmark tracking.
Suresh Kumar, chief information officer of Pershing LLC said, "We continuously strive to provide our customers with access to best-of-breed business and technology solutions that help them grow their businesses, maximize productivity and mitigate risk. The addition of Black Diamond Performance Reporting to our NetX360 platform reflects this commitment and reinforces our firm's long-standing goal to deliver industry-leading capabilities to our customers to help them achieve their clients' financial goals."
Reed Colley, founder and chief executive officer of Black Diamond Performance Reporting LLC said, "We are pleased to offer our flexible performance reporting solution to Pershing's customers through the NetX360 platform. We are confident that our robust application will provide investment professionals and RIAs with the capabilities they need to oversee their clients' investment portfolios in an efficient and effective manner."
NetX360 builds on a wide range of solutions previously provided through Pershing's industry-leading NetExchange Pro® and Advisor® online brokerage platforms and Pershing Managed Account Solutions' managed account workstation. The new platform offers introducing broker-dealers and RIAs the ability to fully integrate front- and back-office functionality from an unprecedented number of best-in-class, third-party solution providers across a broad array of critical business areas, including relationship management, portfolio and tax-lot accounting, compliance monitoring, trading, clearing and settlement, performance reporting and rebalancing.
The addition of Black Diamond Performance Reporting to NetX360 continues to expand the breadth of high-quality solutions available via the platform. Pershing, in conjunction with Interactive Data Corporation, recently announced that its customers have access to real-time market data and analytical tools through NetX360. Pershing also added an extensive client relationship management solution from Redtail Technology, Inc., to the platform that provides advisors and investment professionals with the ability to better manage client information and prospecting opportunities. Robust financial planning tools from MoneyGuidePro(TM) are also now accessible through NetX360 which enables Pershing's customers to create, implement and maintain investment strategies that best suit their clients' financial goals.