Pershing LLC, a member of BNY Securities Group and a subsidiary of Bank of New York Co. Inc., said Tuesday that it had completed a $20 billion customer account conversion for Northwestern Mutual Investment Services.
The conversion involved the transfer of 740,000 client accounts and nearly 860,000 mutual fund positions, according to the banking company's back-office investment services division. It was the largest asset movement that Pershing has done.
The client assets converted to Pershing's platform spanned investments including mutual funds, equities, and fixed-income products.
Northwestern Mutual Life Insurance Co. in Milwaukee is the parent of the investment unit whose accounts were converted.
