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At BNY Mellon Pershing’s annual INSITE conference, held virtually this week, the custodian revealed a new multi-custodial managed accounts software for financial advisors and an integration portal for software developers building fintech apps on the Pershing platform.
On Tuesday, Pershing announced new multi-custodial managed accounts that will allow wealth management firms to oversee their business across multiple custodians on a single dashboard with information about portfolio performance, account holdings, and asset allocations. Called Managed Accounts Central, the technology also gives firms the option to outsource their investment advice through Pershing affiliate Lockwood Advisors.
Pershing’s existing managed accounts technology is used by more than 11,000 advisors and houses 1.6 million accounts with over $730 billion in assets, according to the firm. The firm expects the overall managed accounts market to grow from $7.4 trillion in 2019 to $11.6 trillion in 2023, according to data from research firm Cerulli Associates.
“We're looking at the independent RIA market, the hybrid RIA market. Those advisors, they have choice around where to custody their assets and their clients' assets,” says Sarah Chain, director of global...