Pershing, a subsidiary of Bank of New York Mellon, has signed seven new mutual fund providers to its Nexus Funds solution.
The additions of Credit Suisse Asset Management Funds (UK) Ltd, J O Hambro Capital Management Limited, Legal & General (Unit Trust Managers) Limited, Standard Life Investments (Mutual Funds) Limited, Thames River Multi-Capital LLP, Threadneedle Investment Services Limited and WAY Fund Managers Limited now bring the total number of fund providers to 28 and the total number of funds available to 922.
Nexus Funds is a straight-through processing, no-fee mutual fund solution that is integrated with the Pershing Nexus platform. Dealing and settlement fees and custody fees on new assets are waived for eligible deals in UK-registered funds that utilise the solution. These deals also benefit from guaranteed contractual settlement and consolidated trailer fee payments, which help to enable predictable settlement dates and streamline clients’ administration and payment processes.
During the first two quarters of 2009, Pershing launched RIA Complete, providing Pershing’s introducing broker-dealer customers with a wide range of capabilities to help them better serve both investment professionals and independent registered investment advisors (RIAs). Pershing has also expanded the business consulting services and practice management support it provides through its Prime Services group to include a start-up simulator tool and a new guidebook to assist hedge fund managers with the launch of new funds.