Fiduciary assets under custody on BNY Mellon’s Pershing platform have reached USD615 billion as of March 31, 2018, an 11 percent increase over the trailing 12 months.
Fiduciary assets on the Pershing platform have been growing steadily over the past eight years, from USD53 billion on the platform in 2010, to over USD600 billion today. This significant growth is in large part a result of Pershing’s focus on serving large, professionally managed registered investment advisor (RIA) firms, as well as corporate RIAs, along with trust companies and multi-family offices. As a result, Pershing is now one of the largest custodians of fiduciary assets in the nation.
“The growth of our RIA business is a testament to our ability to support a wide range of clients and capitalise on the trends reshaping the wealth management business,” says Lisa Dolly, CEO of BNY Mellon’s Pershing. “Positive forces of change in the industry, fuelled by shifting investor preferences and a growing desire for transparency, are driving the growth of the advisory business. Given our extensive industry knowledge and long history of working with the nation’s largest financial services firms, we are uniquely positioned to deliver solutions that will assist RIAs in growing their businesses and establishing their own unique brand in a competitive marketplace.”
The total number of RIA firms on the Pershing platform as of March 2018 was 752. From March 2017 to March 2018, fiduciary assets on the Pershing platform grew by USD60 billion. Roughly one-third of the growth came from net flows, while the remaining two-thirds was market related. The average size of RIA assets custodied on the Pershing platform is USD813 million.
“In an effort to continue to anticipate clients’ needs and industry changes, today we are announcing an additional multi-year investment of more than USD50 million in our business, which will help us further accelerate our growth in the wealth and advisory market segments,” says Dolly.