Looking to tap its 800 independent broker/dealer clients and 100,000 reps already using its Pershing subsidiary for custody services, The Bank of New York has created a way for these B/D firms to rent a managed account platform for their advisers.
BONY has created a new division, Pershing Managed Account Services (PMAS), to offer the program. It is a combination of Lockwood Advisors, Lockwood's subsidiary for managed account technology, and the managed account product and services previously offered by Pershing - all of which are now owned by the Bank of New York.
PMAS unveiled its new offering earlier this month at Money Management Institute conference in New York. The group expects to roll out the program fully in mid-November.
"When Pershing was acquired, we saw the synergies between those entities and created the managed account utility," said Dave Reinhart, spokesman for the PMAS institutional sales team. "The utility is all the technology and operations necessary to launch a sponsor program coupled with a large pool of available investment managers."
A broker/dealer can either select its own pool of managers, or it can use Lockwood's chosen sponsors.
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