Ashton Thomas Securities, an independent broker-dealer and registered investment adviser (RIA) operated by Arax Investment Partners (Arax), will receive clearing and custody solutions from BNY Mellon’s Pershing, a global provider of financial business solutions.
In December 2023, Arax purchased Ashton Thomas Securities, formerly known as Excel Securities, to function as the hybrid broker-dealer for Ashton Thomas Private Wealth, an Arax consulting business.
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RedBird Capital Partners, a private equity fund, supports Arax, an asset and wealth management platform that helps adviser teams, RIAs, and wealth managers grow their companies and service portfolios.
Under the terms of the arrangement, advisers at Ashton Thomas Securities will also have access to BNY Mellon Investment Management’s BNY Mellon Precision Direct Indexing service.
This adaptable investment approach is simple to include into clients’ portfolios and aims to replicate the overall characteristics and performance of several significant benchmarks.
Ben Harrison, head of wealth solutions, BNY Mellon’s Pershing: “Arax is making a name for itself as an attractive partner for high-growth wealth managers, and Pershing is delighted to help support its new broker-dealer and RIA, Ashton Thomas Securities. We have a long history working with the firm when it operated as Excel Securities and look forward to providing them with the tools that will help them grow and flourish with Arax. This speaks to our strong client-first mindset and BNY Mellon’s 240-year heritage of helping clients achieve their ambitions.”
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By GlobalData“As we continue to expand and strengthen our wealth management platform, we’re excited to be developing a relationship with one of the industry’s leading providers of clearing and custody services,” added Haig Ariyan, CEO, Arax Investment Partners.
“Pershing’s technology capabilities and breadth of services it can tap into as part of BNY Mellon make them an ideal collaborator for the broker-dealers and advisers we bring onto our platform.”
“We continue to see growing demand for tax management and portfolio customisation capabilities from leading wealth management firms for their advisors,” said Dave DiPetrillo, head of North America Distribution, BNY Mellon Investment Management.
“Offering the capabilities of BNY Mellon Investment Management through Pershing provides Ashton Thomas Securities’ advisers with a compelling direct indexing solution.”
