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.’
