Bank of New York Mellon, parent of custody giant Pershing, is exploring how it can help the unit work more easily with its investment management unit.
after the bank Disclosed the first quarter financial report On April 18, Robin Vince, BNY Mellon’s chief executive, cited the two divisions as an example of how his team thinks since he took over the role last September. His comments came as Pershing posted record revenue, with the number of net new assets more than doubling from a year earlier.
Vince said Pershing and the investment management unit had “not been able to operate more independently within the BNY Mellon ecosystem” in the past. to Thomson Reuters Transcript.
“Investment management basically operates as a separate company,” Vince said. “Pershing is essentially run as a different, separate company on the other side, and we’ve never really explored opportunities to think about investment management manufacturing, and in fact we’ve managed both Pershing and (BNY Mellon) Wealth, a 2.5 A trillion-dollar distribution base. Now we’re an open architecture company. So we don’t distribute all of the products we manufacture into our distribution arm, but we have an opportunity to explore that frankly hasn’t been fully explored until now.”
To see what financial advisors were most excited about in Pershing and parent company BNY Mellon’s first-quarter earnings, scroll down the slideshow. In response to reports of the company’s fourth-quarter earnings, Click here. To see how these companies performed in the third quarter of 2022, follow this link.
Note: Results include BNY Mellon’s Pershing, which is the largest part of the firm’s Markets and Wealth Services division, and the investment and wealth management divisions of the larger banks.