Custodial giant Pershing’s parent company, BNY Mellon, is exploring how to help the unit work more easily with its investment management arm.
After the bank disclosed its first-quarter earnings on April 18, BNY Mellon CEO Robin Vince cited the two segments as an example of his team’s thinking after he took over the role last September. His comments came as Pershing reported record revenue and drew more than double the number of net new assets than the same time a year ago.
Pershing and the Investment Management unit “couldn’t have been run more separately within the ecosystem of BNY Mellon,” in the past, Vince said, according to a Thomson Reuters transcript.
“Investment Management was run as essentially almost a separate company off to the side,” Vince said. “Pershing was run essentially as a different, separate company off to a different side, and we never really explored the opportunities to be able to think about the manufacturing of Investment Management with the fact that we have, across Pershing and [BNY Mellon] Wealth Management, a $2.5 trillion distribution base. Now we’re an open-architecture firm. And so we aren’t distributing all of our manufactured products into our distribution arms, but we have the opportunity to explore that which frankly hasn’t been fully explored up until now.”
To see the most interesting takeaways for financial advisors from Pershing and parent company BNY Mellon’s earnings in the first quarter, scroll down the slideshow. For coverage of the firms’ fourth-quarter earnings, click here. And to see where the companies stood through the third quarter of 2022, follow this link.
Note: The results include BNY Mellon-owned Pershing, which is the largest part of the firm’s Market and Wealth Services segment, and those of the megabank’s Investment and Wealth Management unit.