holistic technology solutions and product solutions — such as lending. This is
really how we are distinguishing BNY
Mellon Pershing in the marketplace.
Where do you see Pershing in terms of
tech partnerships or integration?
Our mission and desire is to help our clients run their businesses more efficiently,
so they can serve their clients more effectively, and so we are creating a noticeably
superior experience for the client.
As for how we are building and designing a technology stack that addresses
unique client needs, we are doing this via
intelligent open architecture and via integrations with third-party providers that
have substantial commercial backing —
meaning substantial businesses, client rosters, revenues and balance sheets — and
relevant and sustainable businesses to
support our clients in a scalable way.
About two-thirds of the firms that we
work with integrate with third-party
technology connections that we have.
We are also continuing to build our
own technology stack, which roughly
one-third of our clients use. And we still
see a few clients continue to build their
technology from the ground up.
More and more firms are looking for
what we call enterprise technology solutions so they can migrate away from
designing their own portfolio of solutions.
They’re looking to simplify their technology stack and their investments in that stack
to differentiate themselves. They are relying more heavily on enterprise solutions
like ours that offer flexibility and good
commercial terms to drive their scalability
and create a powerful client experience.
How about new tech partnerships?
We are curious, and our curiosity leads us
How is Pershing responding to industry
to remain open minded to alliances that we
can establish, particularly with commer-
cially stable firms, to do something unique.
And if we can do that and create a strategic
alliance with a third party that delivers fair
value to them, creates fair value for BNY
Mellon Pershing and creates fair value for
our clients, we will do that all day long.
consolidation and other trends, like the
growth of RIAs?
Given the impact of regulation and technology and the experience needed to
remain competitive and offer value, firms
that don’t have scale and solid partnerships find it challenging to remain sustainable and relevant. There are investment
requirements to support Reg BI, to support privacy and to support other things
in the regulatory pipeline — such as state
fiduciary standards and the [updates to
FINRA’s] consolidated audit trail.
There’s a wide variety of regulatory
matters and supervision that are really
challenging middle-market firms that
want to continue to thrive. Thus, these
firms are exploring ways to find more
value either through outsourcing more
of the things that they otherwise would
have done themselves, like clearing, or
merging with a similar firm.
There are a lot of firms that were
started by baby boomers who are getting
to a point in their maturity cycle that
they’re ready to transition to new owners. And mergers are sometimes a way to
acquire that talent, to acquire that succession and to monetize for the founder.
As our clients’ businesses evolve and
grow, we at Pershing continue to build
solutions that will enable them to compete
and thrive. Tapping into the resources of
our parent, BNY Mellon, we are also constantly looking to bring to market differentiated offerings — such as bank custody
and private lending — to meet client needs.
What is BNY Mellon Pershing doing
with respect to diversity and inclusion?
At Pershing, we have a large representa-
tion of female leaders at the highest lev-
els of the organization. In fact, diversity
is a focus for our entire organization,
starting all the way with [BNY Mellon]
Chairman and CEO Charlie Scharf, who
has made diversity and inclusion a pri-
ority for each of us.
Our commitment to diversity is proven by the number of female leaders at
the most senior levels of our organization, including our Chief Legal Counsel
Joan Schwartz; Maura Creekmore,
who runs Global Client Relationships;
Marcia Davis-DiLoenzo, who heads up
Human Resources; Claire Santaniello,
head of Operations; Karen Novak, head
of operations for our Advisor Solutions
business, and Christina Townsend, head
of Advisor Platform strategy.
We strongly believe in driving a culture of diversity and inclusion — not just
gender, but ethnic diversity as well —
across our organization.
What are your other priorities as CEO
I want to make sure my team knows how
much I care about them and how much I
value the things they do. They are closer
to the information that I need to be a
good executive [than I am], so therefore I
am dependent on them to help guide me
in decision-making as a leader. “People
first” is what I really plan to focus on.
It’s in my DNA to make certain that
I always have my head up and that
I am understanding what’s going on
in the marketplace from our clients’
perspective and more broadly from an
At this year’s INSITE, [author and
speaker] Simon Sinek talked about infinite thinking. What the competition is
doing in the marketplace can be interesting; however, what we really need to be
focused on is the long game, what our
[advisor and firm] clients are interested in,
what their [investor] clients are interested
in, and what behavioral changes are taking place for which we need to plan and in
which we need to invest so we can deliver
a noticeably superior experience.
Janet Levaux is editor-in-chief of Investment
Advisor. She can be reached at firstname.lastname@example.org.