Pershing LLC, a subsidiary of BNY Mellon, has recently announced the appointment of Lisa Dolly as its new chief executive officer, effective February 16. Ms. Dolly, who currently serves as the firm's chief operating officer, will be taking over the leadership role from her predecessor. This move comes at a pivotal time for Pershing, as the U.S. securities market is undergoing a conversion to a T+1 standard settlement cycle. All transactions must now match perfectly with this new cycle, placing increased pressure on financial institutions like Pershing to adapt and streamline their operations.
BBVA Global Wealth Advisors, Inc. (BBVA GWA), the U.S. subsidiary and registered investment advisor of Madrid-based BBVA, has selected Pershing as its custodial platform. This decision reflects a growing trend in the industry, with firms like Lincoln Investment also choosing Pershing for their conversion of assets to a single custodial platform supported by BNY Mellon. The integration of platforms like NetX360+ and Wove allows advisors to more efficiently manage wealth management assets and provide custody in-house.
Despite experiencing client exits that resulted in nearly $100 billion in outflows last year, Pershing remains a key player in the financial services industry. The custody unit of Bank of New York reported net asset outflows of $2 billion for the first quarter, highlighting the challenges faced by firms in a rapidly changing market environment. However, with the appointment of Lisa Dolly as CEO, Pershing is poised to navigate these challenges and continue to grow its presence in the industry.