JERSEY CITY, N.J., April 11, 2013 /PRNewswire/ -- Pershing LLC, a BNY Mellon company, today announced that it has added PIMCO Class A shares to FundVest ®, Pershing's no-transaction-fee mutual fund platform. PIMCO Class A shares are the latest in a series of additions that have expanded the number of investment options available through FundVest.
The addition of PIMCO's Class A shares was a direct result of Pershing's consultative approach to working with clients to accomplish their goals and deliver the best solutions for their investors. It reinforces Pershing's growing commitment towards supporting registered investment advisor firms with a set of solutions including no-load and load-waived mutual funds on FundVest.
"This latest offering demonstrates our commitment to responding to the needs of the growing independent registered investment advisor segment and the trend toward advisory in our broker dealer's businesses," said Sandy Motusesky, director of investment solutions in the financial solutions group at Pershing. "Adding investment solutions such as PIMCO to our FundVest platform further helps them capitalize on these growth opportunities by providing access to market-leading investment options without the additional burden of transaction fees."
PIMCO is one of the largest fund companies on the Pershing platform. PIMCO Class A shares traditionally carry an initial sales charge that is deducted from the investment at the time of purchase. However, Class A shares are now available on FundVest without a load or transaction fees for advisory business. PIMCO funds are available to Pershing's broker-dealer clients and their advisors, as well as registered investment advisors of Pershing Advisor Solutions."Providing our clients with greater access to financial solutions that meet the investment needs of their clients is extremely important," said Tom Valverde, head of business development and relationship management for Pershing Advisor Solutions. "Providing top quality investment options that allow investors to retain the full value of their investment return speaks to one of the many ways Pershing is working to expand the available choices that meet our clients' sophisticated needs." FundVest offers investors access to over 5,000 mutual funds, managed by more than 250 fund companies. Through FundVest, investors can buy, sell or exchange an array of load and no-load mutual funds through their financial intermediary without incurring regular transaction fees.