Pershing LLC, a Jersey City unit of Bank of New York Co. Inc., announced Tuesday that it had introduced an open architecture platform to let broker-dealer companies offer clients a range of managed accounts from turnkey asset management providers.
Through Managed Account Network, Pershing's broker-dealer customers can have access to the services of external asset management program providers such as Bank of New York's Lockwood Advisors; FundQuest Inc., the Boston investment management unit of BNP Paribas SA; Envestnet Asset Management; Morningstar Investment Services; and Tercet Capital LLC. Pershing then holds the related assets in custody.
The platform gives access to separately managed accounts, unified managed accounts, mutual fund wrap accounts, and adviser-directed programs.
