Pershing

JPMorgan Chase's absorption of First Republic after the 2023 regional banking crisis has finally dealt its last blow to the giant custodian's asset flows.

Negative net new assets came back to the giant clearing and custody firm in the second quarter, although they weren't as large as in the same period of 2024.

Schwab, Fidelity and Pershing are facing growing competition, as the industry strives to do business with financial advisors in as many ways as possible.

The company "started off the year with a meaningful renewal from Cambridge Investment Research," BNY's chief financial officer notes.

The BNY company unveiled an expanded custodial agreement with a large wealth management client in the fourth quarter, as asset values boosted its results.

A margin of 46% for the unit housing the giant clearing and custody firm may console executives who say the First Republic deconversion "is now largely behind us."

With a profit margin of 46% in the business segment and new converts using the firm's technology, BNY CFO Dermot McDonough said the company is in good shape.

Less than two years after the firm's launch, it has reached 60 financial advisors and $7 billion in client assets. Here's a look at its expansion strategy.

The exit of the shuttered regional bank's wealth arm to JPMorgan overshadowed a highly profitable year for the BNY Mellon unit that houses the giant custodian.

The renewal of a major clearing and custody contract reflects how the BNY Mellon-owned firm is trying to win business from a burgeoning cast of rivals.

The top executive at BNY Mellon's custody and clearing subsidiary sets his sights on enabling advisors to spend less time doing mundane tasks in the "swivel chair" and more working with clients.

Company executives also called attention to the firm's new wealth management system, Wove.

BNY Mellon's chief financial officer said that the custodian nonetheless has some "quite exciting" announcements in the works for later this year.

The giant custodian's parent company, BNY Mellon, is working on how best to help it work together with its other businesses, CEO Robin Vince said.

The current share of 84% of the industry's holdings at Charles Schwab, Fidelity, Pershing and LPL may not stay so big forever, according to Cerulli Associates.

Despite the impact of slumping stocks and reports of job cuts at its parent firm, rising interest rates boosted the giant custodian's business in 2022.

Despite a difficult quarter for wealth management, BNY Mellon is celebrating the launch of its crypto custody services and the future of Pershing X.

The BNY Mellon subsidiary and another of the megabank’s units are collaborating on a new retirement tool for six million plan participants.

In 30 years, direct indexing has gone from an obscure investment strategy to a valued product with outstanding potential for large financial institutions.

BNY Mellon CEO Todd Gibbons says the revenue decline reflects business lost in 2021