BNY Pershing
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.
- Company typePublic
- Founded1936
- HeadquartersJersey City, United States
- Headcount5,001–10,000
- GTM type—
- OfferingServices
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.
BNY Pershing firmographics
Firmographics- 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
BNY Pershing industry classification
Industry- 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
Where BNY Pershing is headquartered
LocationHeadquarters
- HQ city
- Jersey City
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
BNY Pershing business model
Business model- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- 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.
- 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
BNY Pershing product offering
Product offeringCore 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
Companies that use BNY Pershing
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
BNY Pershing technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
BNY Pershing partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- Soteris Private WealthminorSoteris 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 WealthcoreSanctuary 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 Partnersminor71 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 ManagementcoreTIAA 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 PartnerscoreBNY 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
BNY Pershing competitors and assessment
Company assessmentBroad 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
BNY Pershing social profiles
Digital presenceBNY Pershing financial estimates
Financial estimateRevenue estimate
Valuation estimate
BNY Pershing leadership team
Management profileNumber of profiles
BNY Pershing funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BNY Pershing M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BNY Pershing
What does BNY Pershing do?
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.
Is BNY Pershing a public or private company?
BNY Pershing is a public company. It is classified as public and is currently operating.
When was BNY Pershing founded?
BNY Pershing was founded in 1936. It employs 5,001 to 10,000 people.
Where is BNY Pershing based?
BNY Pershing is headquartered in Jersey City, United States, in the North America region.
How does BNY Pershing make money?
Two revenue lines are on record. Custody Services are the primary driver. The others are wealth Platform Services.
Who are BNY Pershing's main competitors?
Broad incumbents on record are Goldman Sachs Custody, State Street and JPMorgan Wealth Management. Emerging players are iCapital and Addepar. Direct peers are SEI Investments, LPL Financial, Raymond James Financial, Charles Schwab and Fidelity Institutional.
Does BNY Pershing have an API?
No public API is recorded for BNY Pershing.
What industry is BNY Pershing in?
BNY Pershing's product category is Wealth Management Custody Services. Its primary akta.pro industry code is FSAAAOAL, Treasury, Cash & Liquidity Management (Custody Cash). Its NAICS code is 525 and its SIC code is 6035.