Pershing LLC, a subsidiary of The Bank of New York, completed Tuesday a $20 billion customer account conversion for Northwestern Mutual Investment Services and in turn, its largest asset movement to date. The conversion involved more than 740,000 client accounts and nearly 860,000 mutual fund positions.
The client assets converted to Pershing’s platform span a broad range of investments, including mutual funds, equities, and fixed income products.
“For this complex conversion, we needed an industry leader with high-quality processing tools and solutions, as well as a long-term strategic plan, and Pershing was a perfect fit,” says John Schlifske, senior vice president of Investment Products Services and Affiliates for Northwestern Mutual.