Source: Bank of New York
Pershing LLC, a member of BNY Securities Group and subsidiary of The Bank of New York Company, Inc., has launched Managed Account Direct, an open architecture platform to support separately managed accounts.
Managed Account Direct is offered through Pershing Advisor Solutions LLC and is specifically tailored to meet the needs of registered investment advisors (RIAs).
Managed Account Direct allows experienced professional users of separately managed accounts to work with their current portfolio managers, have their own in-house research teams and due diligence processes, and outsource day-to-day operational processes. Its wide range of services and offerings, which include account set-up, transition processing, maintenance, money movement, tax management tools and fee billing, enable RIAs to focus on their clients' needs and best interests.
John Iachello, managing director at Pershing Advisor Solutions, said, "Through Managed Account Direct, Pershing Advisor Solutions is offering RIAs the best of both worlds. Our scale, size and efficient managed account operations enable advisors to access the portfolio managers they choose while benefiting from a variable cost structure."