Pershing, Bank of New York's clearing services arm, says it hopes to develop assets by cross-selling fee-based services from several bank units through the advisory channel.

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 Lockwood Advisors and services from Bank of New York Trust--to registered investment advisors and broker/dealers.

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