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Pershing to add electronic re-registration capabilities for UK clients

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Pershing plans to offer electronic re-registration services for its clients as part of an ongoing industry standardisation which will see all providers, fund managers and platforms move to electronic asset re-registration.

 
Pershing’s electronic re-registration platform will enable client assets to be transferred quickly and efficiently. The solution has already been tested with technology provider Altus and BNY Mellon transfer agency colleagues and is expected to be available to Pershing’s wealth and adviser clients later this year as part of a phased roll-out programme.  
 
“The system is fully interoperable, facilitating seamless communication with other market participants,” says Chris Hornsby, operations director at Pershing. “It will offer clients the benefit of avoiding the historic paper trail involving registrars, transfer agents and fund managers, replacing it with a fully automated, electronic solution that significantly speeds up the transfer processes.”
 
The new offering will be a benefit a number of Pershing clients and has already received interest from companies such as Raymond James Investment Services and 7IM.
 
7IM’s head of transitions Katie Gawler says: “7IM has long been a supporter of in specie re-registration and welcomes the introduction of an automated solution. We are also excited about the prospect of extending the asset classes and wrapper types that can be included in the messaging, which will make the end-to-end solution even more complete.”

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