Jun 14, 2013
New York, June 4th 2013 - BNY Mellon, the global leader in investment management and investment services, has forged an innovative arrangement between its Pershing Advisor Solutions group and BNY Mellon Private Banking. Pershing is now able to provide registered investment advisors access to an array of private banking services, including credit and lending solutions, serving the complex 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."
"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," said Mark Tibergien, CEO of Pershing Advisor Solutions. "This arrangement between Pershing Advisors Solutions and BNY Mellon Private Banking underscores the immense capabilities and stability of BNY Mellon, which has more than $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. "Bob is one of the most respected private bankers within the advisory space, with nearly three decades of credit and lending experience, particularly for high net worth clients," Gorman said.
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. LaRue earned his MBA from the University of Illinois at Chicago and his bachelor's in economics from Furman University in Greenville, S.C., where he formerly was a member of the president's advisory council at Furman University.
Re-disseminated by The Asian Banker