Pershing to Roll Out Electronic Re-registration for Wealth and Adviser Clients

Pershing plans to offer electronic re-registration services for its U.K. clients.

This development is part of an ongoing industry standardization, which will see all providers, fund managers and platforms move to electronic re-registration of clients’ assets. It is designed to help with the quick and efficient transfer of client assets.

The solution has already been tested with technology provider Altus and BNY Mellon transfer agency colleagues and is expected to be available to Pershing’s wealth and adviser clients later this year as part of a phased roll-out program.

“The system is fully interoperable, facilitating seamless communication with other market participants,” says Chris Hornsby, operations director at Pershing. “It will offer clients the benefit of avoiding the historic paper trail involving registrars, transfer agents and fund managers, replacing it with a fully automated, electronic solution that significantly speeds up the transfer processes.”

Investment manager 7IM’s head of transitions Katie Gawler says: “7IM has long been a supporter of in specie re-registration and welcomes the introduction of an automated solution. We are also excited about the prospect of extending the asset classes and wrapper types that can be included in the messaging, which will make the end-to-end solution even more complete.”