BNY Pershing

What BNY Pershing does

BNY Pershing is the wealth services and custody division of BNY (The Bank of New York Mellon Corporation, NYSE: BK), providing brokerage, advisory, custody, and platform solutions to registered investment advisors (RIAs), broker-dealers, breakaway advisors, and institutional wealth management firms. The business was originally founded as Pershing in 1936 and was acquired by BNY Mellon in 2003, integrating it as a core component of BNY's broader institutional franchise, which reports $59.4T in assets under custody and/or administration and $2.1T in assets under management as of March 31, 2026, with operations across 100+ markets. The unit employs 5,001-10,000 staff and is headquartered in Jersey City, with primary operating presence in New York.

The platform's flagship technology is Wove, an integration-oriented wealth management platform adopted by TIAA Wealth Management in October 2025 to unify client and advisor experiences across investment services. Distribution runs through two primary motions: direct enterprise engagement with large RIAs and family offices (e.g., 71 West Capital Partners, Soteris Private Wealth) and channel partnerships such as Sanctuary Wealth's multi-custodial platform, which distributes BNY Pershing services to 119 partner firms across 33 states with $58B in client assets. Additional wealthtech integrations with iCapital and InvestCloud extend the platform's reach into alternative investments and advisor technology stacks.

The revenue model is asset-based custody and platform services, charging fees on assets under custody, transactions, and platform usage under quote-based B2B pricing not publicly disclosed. The go-to-market is hybrid, combining enterprise field sales with channel/partner distribution and select institutional client coverage including ultra-high-net-worth individuals, family offices, and insurance company asset managers. BNY Pershing is a subsidiary of a publicly traded parent rather than an independently funded entity.

Name

BNY Pershing

Legal name

The Bank of New York Mellon Corporation

Website

https://pershing.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

BNY Pershing is BNY's wealth services division, providing custody, brokerage, advisory, and platform technology to RIAs, broker-dealers, breakaway advisors, and wealth management firms. It leverages BNY's $59.4 trillion in assets under custody across 100+ global markets.

Ownership category

akta.pro rank

Product category

Wealth Management Custody Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Savings Institution, Federally Chartered (6035), Finance Services (6199)

akta.pro primary industry

Treasury, Cash & Liquidity Management (Custody Cash) (FSAAAOAL)

Keywords

• Custody services
• Wealth management platform
• Broker-dealer services
• RIA platform solutions
• Institutional brokerage

Headquarters

HQ city

Jersey City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Custody Services: BNY Pershing provides custodial services to registered investment advisors, broker-dealers, and wealth management firms. Revenue is generated through asset-based fees calculated on assets under custody, transaction fees, and platform service charges.
2. Wealth Platform Services: Multi-custodial platform services supporting partner firms with custody infrastructure, trading capabilities, and operational support for wealth management practices.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

BNY Pershing is the wealth services division of BNY that provides brokerage, advisory, custody, and growth solutions for registered investment advisors (RIAs), broker-dealers, family offices, and wealth management firms. The platform delivers institutional-grade custody infrastructure, trading capabilities across multiple asset classes, and integrated technology solutions such as the Wove platform.

Product overview

BNY Pershing operates as BNY's wealth services and brokerage arm, offering a unified platform for brokerage, advisory and growth solutions along with financial products. The Wove platform represents a key technology offering designed to enhance client and advisor experiences through integrated technology solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Wove: A technology platform by BNY Pershing designed to enhance client and advisor experiences through improved technology integration.

Products and services

• BNY Pershing/Wealth Services Unified platform providing brokerage, advisory, custody, and growth solutions along with financial products for financial advisors and institutional wealth management firms.
• Custody Services

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered minor and core.

• Soteris Private WealthminorChannel Partner/ Reseller/ Distributor · 20 April 2026Soteris Private Wealth, co-founded by Joshua Erickson and Rob Montierth, selected BNY Pershing as its custodian following their $800M breakaway from Merrill Lynch. The firm provides comprehensive wealth management services to high-net-worth clients.
• Sanctuary WealthcoreChannel Partner/ Reseller/ Distributor · 17 April 2026Sanctuary Wealth, a hybrid RIA based in Indianapolis, offers BNY Pershing custody services through its multi-custodial platform. Sanctuary supports 119 partner firms across 33 states with $58 billion in total client assets. Soteris Private Wealth joined as a partner firm utilizing BNY Mellon Pershing for custody.
• 71 West Capital PartnersminorChannel Partner/ Reseller/ Distributor · 14 November 202571 West Capital Partners, launched by former UBS Private Wealth leaders Denis Cleary and Greg Devine, leverages BNY Pershing for custody and related services. The firm serves ultra-high-net-worth clients across the US from offices in Boston and Los Angeles.
• TIAA Wealth ManagementcoreStrategic or Co-development Partner · 15 October 2025TIAA Wealth Management adopted BNY Pershing's Wove platform to enhance its wealth management services. The platform provides seamless client and advisor experiences across all of TIAA's investment services, with full implementation expected over several years.
• Various Wealthtech PartnerscoreTechnology or Integration · 6 August 2024BNY Pershing has announced significant partnerships in the wealth management technology sector, including collaborations with iCapital and InvestCloud as part of the broader wealthtech ecosystem integration initiatives.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Goldman Sachs Custody: Goldman Sachs provides custody and wealth solutions through Marcus and Ayco. Overlaps with BNY Pershing's high-net-worth and family office custody offerings.
• State Street: State Street is a major global custodian with overlapping custody and asset servicing capabilities serving large institutional and wealth clients. Competes broadly with BNY and BNY Pershing for institutional mandates.
• JPMorgan Wealth Management: JPMorgan offers private bank custody and wealth management to ultra-high-net-worth clients and increasingly targets independent advisors. Overlaps with BNY Pershing's wealth custody franchise.

Emerging players

• iCapital: iCapital is a financial technology platform democratizing alternative investments for RIAs and wealth managers. BNY Pershing has partnered with iCapital for wealthtech integration, and iCapital sits adjacent to the custody stack.
• Addepar: Addepar is a wealth management technology platform serving RIAs and family offices. BNY Pershing has an integration relationship with Addepar via its wealthtech ecosystem, and Addepar competes at the technology layer above custody.

Direct peers

• SEI Investments: SEI provides custody, wealth platforms, and investment processing services to RIAs, family offices, and institutional investors. Directly competes with BNY Pershing for advisor custody mandates.
• LPL Financial: LPL Financial is the largest independent broker-dealer and a major RIA custodian/clearing provider. Competes with BNY Pershing for custody of LPL-affiliated advisors and other independent RIAs.
• Raymond James Financial: Raymond James provides custody and wealth management services to independent advisors and RIAs. Direct competitor to BNY Pershing in the RIA custody and breakaway advisor market.
• Charles Schwab: Schwab is the largest custodian for RIAs in the US, providing custody, trading, and platform services to independent advisors. Directly competes with BNY Pershing for RIA custody relationships and breakaway advisors.
• Fidelity Institutional: Fidelity's institutional division provides custody, clearing, and practice management to RIAs and broker-dealers. Directly competes with BNY Pershing for custody mandates from independent wealth managers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pershing
• Facebookfacebook.com/bnypershing
• LinkedInlinkedin.com/company/bnypershing

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BNY Pershing