Managed Accounts Central, as the new platform is called, is due to roll out in the fourth quarter.
“We see growing interest in managed accounts as the shift to fiduciary advice continues,” Sarah Chain, director of global strategy and product management at Pershing, says in a statement. “As investments in managed accounts grow, so does the need to streamline the process of running these accounts. Our new offering is designed to address that need.”
Overall, managed accounts are expected to grow from $7.4 trillion at the end of 2019 to $11.6 trillion in 2023, Pershing says, citing data from Cerulli Associates.
Managed Accounts Central will offer advisors the ability to oversee managed accounts from Pershing’s consolidated dashboard without the need to switch between multiple platforms.
It also offers support with proposals and performance reporting segmented for different types of clients as well as insight into account holdings and asset allocations across custodians.
In addition, the platform will offer investment research and model management capabilities.
The platform will offer access to Pershing’s new model marketplace, which is also scheduled to roll out toward the end of the year, according to the company.
The marketplace will include proprietary models offered through BNY Mellon Investment Management and Lockwood Advisors, as well as third-party options, covering separately managed account model portfolios and separately managed account manager portfolios for fixed income, Pershing says.
More than 11,000 advisors use Pershing’s managed account platform, representing 1.6 million accounts with more than $730 billion in assets, according to the company.
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