BNY Mellon Asset Servicing, the asset servicing arm of Bank of New York Mellon, has signed Edward Jones as the first broker-dealer to use its subaccounting services for 529 plans, a type of tax-advantaged college savings plan.

The agreement extends BNY Mellon’s reach beyond mutual funds. BNY Mellon disclosed its new subaccounting service but did not cite the name of the broker-dealer. Edward Jones separately confirmed its agreement with BNY Mellon.

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