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Thursday, April 26, 2007

Pershing's FundVest Platform Adds a New Member

News summary by MFWire's editors

FundVest, Pershing's no-transaction-fee mutual fund platform is getting a new member. The New Jersey-based unit of Bank of New York added funds from Schroders Plc for its clearing and custody customers and the clients they serve. Independent registered investment advisors and their clients will also have access to the Schroders' funds through Pershing's affiliate, Pershing Advisor Solutions LLC.

Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has added Schroders Plc to FundVest(R), Pershing's no-transaction-fee mutual fund platform.

Pershing's FundVest mutual fund platform offers investors access to over 1,800 mutual funds managed by more than 160 fund companies. Through FundVest, investors can buy, sell or exchange an array of load and no-load mutual funds without incurring regular transaction fees.

Schroders' funds are available to Pershing's broker-dealer customers and the clients they serve, and to independent registered investment advisors and their clients through Pershing's affiliate, Pershing Advisor Solutions LLC.

Jamie Dorrien-Smith, Schroders' Chief Executive Officer, Americas, said, "FundVest is widely acknowledged as one of the most comprehensive and premier no-transaction fee mutual fund platforms in the industry. We are pleased to join FundVest and look forward to offering our global funds to a broad array of independent advisors and investment professionals."

Ron Fiske, managing director of the product management and development group at Pershing, said, "Schroders is one of the most highly regarded global asset management firms in the world. The addition of Schroders to our FundVest platform underscores our commitment to provide our domestic and international customers with global investment capabilities, as well as access to high caliber global financial institutions to help them serve their clients' demands for global investing."

Schroders is a London-based global asset management company with a 200- year history. Today, Schroders has over 128.5 billion pounds Sterling ($251.5 billion / euro 190.8 billion) under management on behalf of clients around the world. These clients include corporations, insurance companies, local and public authorities, charities, pension funds and high net worth individuals. Schroders provides a full range of investment management products, including traditional cash management, equity and fixed income strategies across global developed and emerging markets, as well as a variety of quantitative and active alpha solutions and alternative investments designed to meet the evolving needs of sophisticated investors. The firm's investment capabilities are supported by extensive in-house resources that include research teams, analysts, economists and portfolio managers -- a network of more than 313 investment portfolio managers and analysts throughout 35 offices in 26 countries -- one of the largest office networks of any dedicated asset management company.

Pershing LLC is a leading global provider of financial business solutions to more than 1,100 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to service excellence and to providing dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions and practice management support. Pershing (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Company, Inc. Additional information is available at http://www.pershing.com.

Pershing Advisor Solutions LLC is an affiliate of Pershing LLC and a leading provider of financial business solutions to independent, fee-based registered investment advisors and dually-registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers and high-net-worth money managers. Through an innovative custody platform, Pershing Advisor Solutions delivers superior expertise and scalable and customizable solutions to help its customers manage and grow their fee-based businesses. Additional information is available at http://www.pershingadvisorsolutions.com.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com.  

Edited by: Erin Kello

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