Benzinga - by Zacks, Benzinga Contributor.
The Bank of New York Mellon (NYSE: BK) announced a bundled offering through Pershing, its subsidiary, enabling advisors to gain accessibility to a wide range of capabilities across BNY Mellon's leading platforms, including BNY Mellon Investment Management and BNY Mellon Advisors.
The offering aims to cater to the investors' financial needs, which are becoming more complex over time. Through bundling, BK will be delivering a holistic, comprehensive and simplified offering to enable advisors to focus more of their time on addressing clients' requirements.
BNY Mellon, with its 240 years of experience in the financial industry, is integrating varied services and platforms into one unified offering for its clients. These include the company's managed accounts platform, asset allocation and manager selection, customized tax solutions, investment management products, custody and clearing services and the interoperable Pershing X's2 Wove platform for advisors.
Stephanie Pierce, CEO of Dreyfus, Mellon and BNY Mellon Advisors, said, "We want to be the partner that offers our leading capabilities at scale and all in one place. Importantly, this solution could offer our clients savings of up to 40%. Strengthened by BNY Mellon Advisors, this competitive offering provides a gateway for advisors to meet more of their clients' unique investment needs and better run their advisory practices."
BNY Mellon Pershing further offers additional prospects for advisors to enhance their relationship with the firm at a reduced cost. This involves lower custody fees for advisors when they invest with BNY Mellon Investment Management.
Ben Harrison, head of Wealth Solutions, BNY Mellon's Pershing, said, "By bringing together the strength of Pershing's offerings with Investment Management's industry-leading products and the expertise of BNY Mellon Advisors, we're able to offer more value and the full breadth of BNY Mellon's services to our clients. This latest innovative offering is another great example of how we are uniquely positioned to support clients through every stage of the investment lifecycle."
This move aligns with BK's growth initiatives through the launch of new offerings and services, digitization of operations and strategic acquisitions.
BNY Mellon has taken several growth initiatives in the past. This April, BK entered into an agreement to divest from BNY Trust Company of Canada to Computershare. The divestiture aligns with the company's strategic focus to gain a foothold in foreign markets outside Canada.
Similarly, this March, BNY Mellon announced a partnership extension between its Investment Management business and alternative credit specialist CIFC. This move aimed to enhance product offerings across both public and private markets, particularly in the U.S. private credit. Further, in September 2023, the company partnered with payments company Trustly to launch an open banking payments solution called Bankify.
Shares of BNY Mellon have jumped 23.9% over the past six months compared with the industry's growth of 25.6%.
Currently, BK carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Other Financial Services Firms Undertaking Growth Measures Last month, Stifel Financial Corp (NYSE: SF) and Marex Group PLC (NASDAQ: MRX) entered into a prime brokerage referral partnership. This enables both firms to use their broker-dealer affiliates to cater to their hedge fund and investment management clients in a better way.
Under the terms of the partnership, SF's institutional sales and trading group will provide MRX's trading and execution capabilities to its hedge fund's institutional clients and investment managers. The services that will be part of this include multi-asset-class custody, financing, securities lending and capital introduction. On the other hand, Marex's institutional client base will gain accessibility to SF's sophisticated research, banking and corporate access offerings.
Similarly, KKR & Co. Inc. (NYSE: KKR) entered into a strategic partnership with Capital Group to augment alternative investment solutions for client portfolios. This move aims to make hybrid public-private market investment solutions available to investors across asset classes, channels and geographies.
KKR's initiative paves the way for many finance professionals and their clients to access alternative investments and include them in their portfolios.
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