Products May 30, 2007
Pershing Eases Managed Account Availability for Introducing Broker-Dealers
Pershing LLC has launched Managed Account Network, an open architecture platform making available a wide range of managed account solutions for introducing broker-dealer firms to offer their clients.
Reported by Rebecca Moore
According to a Pershing press release, through Managed Account Network, introducing broker-dealer customers can access the services of external turnkey asset management program providers such as Lockwood Advisors, FundQuest, Envestnet Asset Management, Morningstar Investment Services and Tercet Capital, LLC. Clients can hold the related assets in custody at Pershing.
Managed account services available include separately managed accounts, unified managed accounts, mutual fund wrap accounts and advisor-directed programs.
“Investment professionals are increasingly looking for flexible managed account services to fulfill their clients’ needs. The open architecture of Managed Account Network will enable our introducing broker-dealer customers to work closely with some of the finest turnkey asset management program providers in support of their strategic business objectives,’ said Ron Fiske, managing director of the product management and development group at Pershing, in the press release.
Pershing LLC, a subsidiary of the Bank of New York Company, Inc., is a global provider of financial business solutions to institutional and retail financial organizations and independent registered investment advisers.