Pershing, a subsidiary of BNY Mellon, has unveiled a next generation of its block trading and rebalancing tool for advisors.
Offered via the firm’s technology platform NetX360, the tool will enable advisors to manage drift reports at the household level, develop models of models as well as use a new cash rebalancing feature.
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The improvements will enable advisors to utilize an enhanced restriction management module that offers a holistic review of all restrictions for an advisor’s business.
Powered by FolioDynamix, the tool will deliver a full range of functionality to help improve transparency, minimize errors and improve advisor efficiency.
Additionally, it will allow advisors to maintain models, rebalance an unlimited number of accounts, add/trim security positions and liquidate accounts or process security replacements, in a transparent environment.
Pershing said that this functionality will apply to a range of securities including equities, options, mutual funds and fixed income.
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By GlobalDataThe block trading and rebalancing tool will also offer additional benefits such as automatic creation of block orders, real-time allocations, positions and balance updates as well as trailing stop orders.
John Brett, managing director and head of managed investments at Pershing, said: "The new features of the block trading and rebalancing tool reduce the time spent on portfolio trading and rebalancing from hours to minutes, allowing advisors to focus on strategic analysis and dedicate time needed to drive client growth."
From the past four years, the tool has supported over 5,000 advisors and over 1.1 million accounts, as of 31 March 31 20014.
