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.

"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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.