GRAPEVINE, TEXAS – Incoming BNY Mellon chief executive Robin Vince told advisors at the company’s Pershing Insite conference Thursday that the bank plans to invest more in its custodial division’s technology offering.
Speaking on stage in a morning keynote session, Vince (pictured) said that BNY Mellon is all-in on Pershing’s endeavor to craft an all-in-one technology platform for RIAs under the brand name of Pershing X.
‘We’re making our largest investment in the company in Pershing in the form of Pershing X,’ Vince said. ‘And we’re delivering that new desktop capability, powered by data, connected together, to be able to make all of your lives easier.’
In March, BNY Mellon tapped Vince, a former Goldman Sachs executive, to take over the company after chief executive Todd Gibbons retires at the end of August. His appearance Thursday was one of his first opportunities to speak to representatives from the 500 RIAs and 400 brokerage firms which use Pershing for custodial and clearing services.
BNY Mellon unveiled plans for Pershing X in the fall of 2021. The new platform, which is being held through a subsidiary called Pershing Xsm, aims to provide advisors with performance reporting, trading, rebalancing and financial planning software, along with access to lending and insurance products.
‘You want direct indexing. You want model portfolios. You want financial planning,’ Vince said to the gathered advisors, adding that Pershing is committed to delivering those services.
BNY Mellon added direct indexing capabilities to Pershing X in December when it acquired Optimal Asset Management, a $1bn direct indexing provider based in Los Altos, Calif.
Vince said Pershing X would grow as an open architecture platform, with a mixture of in-house and third-party technology — ‘Some of it provided directly by us, the rest enabled by us.’
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
