Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc., and Advent Software, Inc. have entered into a license and distribution agreement to allow Pershing’s independent registered investment advisor customers (RIAs) and RIAs affiliated with the firm’s introducing broker-dealer customers to access Advent Back Office Service technology for portfolio accounting and performance reporting.
RIAs will be able to leverage Advent’s Axys portfolio accounting and reporting software, while outsourcing the data management and information delivery functions to Pershing. This will enable RIAs to receive daily reconciliation services and full Axys functionality via the Internet.
“We are committed to providing the highest quality services and solutions to those independent RIAs supported by Pershing Investment Manager Services and to RIAs affiliated with our introducing broker-dealer customers,” said John Iachello, managing director, Pershing Investment Manager Services.