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Pershing – ContextStudy
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Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers, with a broad suite of global financial business solutions. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing more than 6 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company.
A Heritage of Innovation
For more than 75 years, Pershing has been recognized as a Wall Street innovator. From our early days on the floor of the NYSE to the award-winning technology we provide today, we have earned a reputation for thinking ahead—and staying ahead of the marketplace.
The firm was founded on January 1, 1939 as Pershing & Company and boasted $200,000 in capital. The firm’s original senior partners were Van Burger, Sr., Lou Froehlich, Dave Foster and Warren “Jack” Pershing, the only son of celebrated WWI General of the Armies, John J. Pershing.
Initially, Pershing’s vision centered on providing trade execution and clearance services to financial services firms located outside of the New York metropolitan area. Another early decision that set the firm apart was to establish a presence in strategic zones on the floor of the NYSE, a move designed to ensure that the firm provided clients with fast, efficient trade execution.
During Pershing & Company’s early years, three of the firm’s senior partners were called to serve in World War II. Following the war’s end, Pershing continued to build a reputation for providing regional financial services firms with unparalleled access to the NYSE and the AMEX, the world’s leading exchanges.
Since our beginnings in 1939 as an execution provider for regional financial organizations, Pershing has grown to become a global financial business solutions provider with offices around the world.
Part of the BNY Mellon Family
In 2003, Pershing was acquired by The Bank of New York, the longest-lasting financial institution in the United States. Alexander Hamilton had founded the bank in 1784, had written its constitution and guided the organization through its early stages. The bank opened for business at the Walton House in Lower Manhattan on June 9, 1784, only a few months after the departure of British troops from American soil.
In 2007, the merger of The Bank of New York and Mellon Financial Corporation formed BNY Mellon. Today, BNY Mellon is the Investments Company for the World, providing Pershing and all its clients the backing and resources of a global leader.
Our people and their commitment to our clients’ success are what truly set Pershing apart. Our Chief Executive Officer, Lisa Dolly, is a member of a highly knowledgeable and skilled management team that provides stability in leadership, averaging more than a decade each with Pershing. In addition, Pershing employees serve in leadership roles on hundreds of industry committees around the world, giving us the unique ability to advocate on our clients’ behalf around issues of policy and regulation.
Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, wealth management technology, enterprise data management, trading services, prime brokerage and marketing and practice management. BNY Mellon is committed to being a technology leader.
- Broker Dealers
- Full Service
- Registered Investment Advisors
Next Gen Evolution of Products/Services
Integrated Wealth Experience: Pershing has launched a new multi-year initiative to redefine the integrated wealth management experience for advisors, offering a single experience to help them better manage brokerage, advisory, banking business in one place digitally. This will enable advisors to have more time for relationship-building and reduce time spent on tasks. It will be built on top of our new next generation cloud platform.
Expanding the API Store: The NetXServices API Store was first rolled out in 2016. It provides firms with self-service access to the entire BNY Mellon enterprise-wide library of APIs, along with online documentation, code samples, testing environment and analytics. Pershing has since opened its API store to numerous clients and third-party providers globally to develop their own user experiences. We are making it easy for firms to access our data to offer experiences the way they want to.
Deeper Third-Party Integration: We are looking at ways to more deeply integrate with third parties into our platforms, including CRM and financial planning providers, to enhance the experience for users.
Componentizing Technology Front Ends: We are making our front-end technology easy to consume at a portlet level into other proprietary or third-party ecosystems. We are offering firms the ability to take pieces of our solutions along with associated logic into their own system.