BNY Mellon has forged an arrangement between its Pershing Advisor Solutions group and BNY Mellon Private Banking to provide registered investment advisors access to private banking services, including credit and lending solutions, serving the 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."
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Mark Tibergien , CEO of Pershing Advisor Solutions, said, "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.
"This arrangement between Pershing Advisors Solutions and BNY Mellon Private Banking underscores the immense capabilities and stability of BNY Mellon, which has more than US$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.
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.
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