Fund firms are winning new distribution to broker-dealers and registered investment advisors, thanks to Pershing. The New Jersey-based clearing arm of the Bank of New York has added 13 fund families to its FundVest mutual fund platform so far this year. The no-transaction fee (NTF) service now includes nearly 150 fund families, according to Pershing officials.

The latest additions to FundVest are the Goldman Sachs Asset Management funds, stated Ron Fiske, a managing director at Pershing. All counted, FundVest carries more than 1,700 no-load and load mutual funds.

The addition of the funds to FundVest better allows smaller brokerage firms a more cost effective solution to building a fund supermarket that can easily clear trades among fund families. Fiske explained that the new fund families provide Pershing customers with market leading products, services and solutions that "help them create growth and enhance their competitive positioning."

Besides Goldman, new FundVest additions during recent months include Clipper Fund, Frank Russell, Washington Mutual, UBS and William Blair, according to Pershing spokesperson Michael Geller. "We will be adding others going forward," he added.  

Correction: A previous version of this story listed Pershing as adding "more than 50 fund families", according to information given to BDInsider.com by Pershing. However, a Pershing spokesperson corrected the mistake later, saying the number was 13. The story has been changed to reflect this.

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