BBVA Global Wealth Advisors, the US arm of Madrid-based BBVA and a registered investment adviser (RIA), has chosen Pershing from BNY Mellon to serve as its clearing and custody provider.

Pershing Advisor Solutions (PAS), a fully owned subsidiary of BNY Mellon, will provide broker-dealer services to BBVA GWA’s advisory clients.

In addition to being a member of SIPC and FINRA (the Financial Industry Regulatory Authority), PAS is a broker-dealer registered with the SEC.

In March, BBVA GWA opened for business in Miami with the goal of providing investment advisory services, mainly to Latin American clients.

Clients who are not US residents and have at least $500,000 in assets under management may typically use its foreign investment advising services.

Murat Kalkan, head of BBVA GWA stated: “Trust is one of the most important aspects of our business, and collaborating with a global, industry-leading player like BNY Mellon’s Pershing has been one of the key enablers of our ability to launch an RIA and serve clients. Our focus is to strive to bring the best service and solutions to our clients. We believe that this collaboration aligns well with our strategic objectives as it helps us to meet our goal of serving our clients in an effective and efficient manner.”

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“We’re delighted to support BBVA Global Wealth Advisors as it launches its wealth management business to clients in Latin America,” added John Ward, managing director, global client relationships, BNY Mellon’s Pershing.

“This collaboration reflects our strategic focus to bring our breadth of clearing, custody and brokerage services to wealth management businesses seeking to scale and better serve their clients.”

Furthermore, BNY Mellon boosted the cooperation between alternative credit expert CIFC and BNY Mellon Investment Management (BNY Mellon IM).

As a result of this expanded agreement, which builds on the long-standing connection between BNY Mellon and CIFC, clients in EMEA and APAC will have access to CIFC’s US direct lending strategy through BNY Mellon IM’s worldwide distribution platform.