John Iachello, a managing director at Pershing's advisor solutions unit, said the Jersey City company will "aggressively" expand its $40 billion of assets under management during the next five years by offering a platform of fee-based products--including managed accounts from Bank of New York subsidiaries such as
"We have reached a tipping point in the industry where fee-based products have become the norm," Iachello said. "These products are the norm, not just for independent advisors but for broker/dealers too. There are a large group of broker/dealers clearing through Pershing that are interested in the same fee-based services that independent advisers-want."
Pershing has been expanding its staff and product array since the June rebranding of the unit, which previously operated as Pershing Investment Manager Services, he said. The rebranding broadened the unit's focus to working directly with registered advisors and broker/dealers to offer customized services to both independent and dually registered investment advisers, as well as to large investment managers.
