This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BNY Mellon To Bring Private Banking Services To RIAs

NEW YORK, June 4, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has forged an innovative arrangement between its Pershing Advisor Solutions group and BNY Mellon Private Banking. Pershing is now able to provide registered investment advisors access to an array of private banking services, including credit and lending solutions, serving the complex needs of high net worth clients. 

"This is a game-changer for Pershing Advisor Solutions and BNY Mellon Private Banking: The RIAs Pershing serves will no longer have to refer their clients to an outside bank for all their credit, lending and cash management needs," said Bill Sappington, Executive Director of BNY Mellon Private Banking. "At the same time, this arrangement opens an untapped market among high net worth clients for BNY Mellon Private Banking's sophisticated services."

"Along with the recently introduced single-service integrated bank and brokerage custody offering by Pershing Advisor Solutions and BNY Mellon's Wealth Management's Advisor Custody Group, RIAs will have a more robust suite of business development, relationship management, client service and technology under a single, common framework that also offers operational efficiencies," said Mark Tibergien, CEO of Pershing Advisor Solutions. "This arrangement between Pershing Advisors Solutions and BNY Mellon Private Banking underscores the immense capabilities and stability of BNY Mellon, which has more than $26.2 trillion in assets under custody."

Heading this initiative is Managing Director Bob LaRue, who reports to Erin Gorman, managing director of national mortgage sales and New England private banking for BNY Mellon Private Banking.  "Bob is one of the most respected private bankers within the advisory space, with nearly three decades of credit and lending experience, particularly for high net worth clients," Gorman said.  

Prior to joining BNY Mellon, LaRue was a private banker at Morgan Stanley Private Bank. Previously he served at Merrill Lynch for most of his career where he held several progressively responsible private banking positions, culminating in the role of vice president and commercial finance manager. LaRue earned his MBA from the University of Illinois at Chicago and his bachelor's in economics from Furman University in Greenville, S.C., where he formerly was a member of the president's advisory council at Furman University.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

Pershing Advisor Solutions LLC, member FINRA, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Clearing, custody or other brokerage services may be provided by Pershing LLC, member FINRA, NYSE, SIPC. Pershing Advisor Solutions relies on its affiliate Pershing LLC to provide execution services.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs