A giant trading and custody ally to B-Ds and RIAs is buying into the direct indexing business.
Today, Jim Crowley
, CEO of BNY Mellon's Pershing
, and Ainslie Simmonds
, president of the firm's new Pershing X unit, confirm
that Pershing has agreed
to acquire a direct indexing solutions provider called Optimal Asset Management, Inc.
The deal is expected to close by the end of this month.
advised Optimal on the deal. On the legal side, Cooley LLP
advised Optimal, while Sullivan and Cromwell LLP
Crowley describes Pershing's Optimal deal as "the latest step in [the] Pershing X buildout, which aims to fuel growth by helping clients solve the challenge of managing multiple and disconnected technology tools and data sets." The deal will give Pershing's advisory clients and BNY Mellon Investment Management's institutional and retail clients access to Optimal's direct indexing capabilities.
"We're excited about joining Pershing X and the possibilities that we can jointly deliver to clients seeking customized direct indexing solutions," states Vijay Vaidyanathan
, founder and CEO of Optimal.
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