Pershing Creates Rental Managed Account Platform

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.