Bank of New York subsidiary Pershing now provides access to donor-advised funds through the American Endowment Foundation.
The donor-advised fund is an alternative to direct giving, giving donors the option of charitable giving with tax advantages. Pershing will be the custodian for all of the donor-advised fund assets.
“Donor-advised funds are a low cost and strategic way for families and individuals to fulfill their philanthropic objectives,” says Phil Tobin, president of AEF. “We are excited about the opportunity to work closely with Pershing and look forward to providing its customers and the clients they serve with flexible and efficient options to manage their charitable activities.”
“Investment professionals and independent registered investment advisors are increasingly seeking products and services that help their clients address philanthropic and charitable giving needs,” adds Ron Fiske, managing director of the product management and development group at Pershing. “Our arrangement with the American Endowment Foundation and the addition of donor-advised funds to our suite of wealth and cash management offerings advances our commitment to provide superior solutions that meet the needs of our customers and the clients they serve.”