BNY Pershing, Osaic Extend Multi-Decade Custody Partnership

BNY Pershing announced the renewal of its clearing and custody agreement with Osaic. Pershing will bolster the consolidation of approximately $200 billion in assets under custody that Osaic broker-dealers maintain with Pershing as a result of the renewed agreement. Osaic, which was previously known as Advisor Group, announced its intention to consolidate the eight independent broker-dealer firms within its network last year.

“Osaic has trusted us to help them grow and scale since day one and we are honored to continue to be a part of their journey into the future,” said Ben Harrison, BNY Pershing head of wealth solutions.

Pershing has collaborated with Osaic since the latter company’s establishment in 1988. Osaic provides support to over 11,000 financial professionals and serves over one million client accounts.

Additionally, Pershing has strengthened its partnership with Arete Wealth, a registered investment advisor and broker-dealer. Advisors of Arete Wealth will now have access to Wove, Pershing X’s wealth management platform.

“We’re proud to be deepening our relationship with Arete Wealth, a firm whose focus on providing its advisors with the right resources to scale and serve clients matches our mission to help advisors help more people,” said Harrison. “Their decision to use our Wove wealth management platform, along with the new suite of Wove products unveiled just last month, is a testament to the strong collaboration we’ve built over the years.”

Wove was introduced by Pershing late last year. Pershing introduced a series of platform enhancements last month, which included a unified portal that allows clients to access account information from multiple custodians. As of March, the organization managed approximately $2.6 trillion in client assets.