BNY Mellon has set up a new business unit within its Pershing business to design and build innovative solutions for the advisory industry.
Dubbed Pershing X, the new unit is aimed at accelerating the Pershing’s delivery of consumer grade digital experiences to its clients, and for the wider marketplace.
Pershing was launched by the company to offer custody and clearing services to wealth managers.
The new unit will incubate, engineer, and deliver integrated advisory capabilities to Pershing’s Wealth Solutions clients.
It includes broker dealers, registered investment advisors (RIAs), and trust companies.
According to the firm, clients using Pershing X’s solutions will be also offered access to enterprise offerings of BNY Mellon Wealth Management and Investment Management.
Pershing CEO Jim Crowley said: “Pershing X will deliver the industry’s leading end-to-end advisory platform, helping financial services firms solve the challenge of managing multiple and disconnected technology tools and data sets for their advisors and fueling our clients’ business growth.”
The firm has appointed Ainslie Simmonds as president of Pershing X.
Simmonds, who has over two decades of experience in wealth management and digital segments, will also join Pershing’s executive committee.
She was most recently worked as executive vice president at PIMCO Investments where she was also global head of digital.
Prior to that, Simmonds was part of financial planning company LearnVest and brokerage and trading software firm thinkorswim.
Simmonds commented: “I am so looking forward to delivering a comprehensive platform, backed by the expertise and experience of Pershing, that will enable advisors to focus on what they do best— deliver real value to the millions of investors that turn to them for financial advice and peace of mind.”