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BNY Mellon’s Pershing partners with iCapital to simplify alternative investing process

By Pavithra R

August 26, 2020

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PershingiCapital Network, a FinTech platform provider transforming alternative investments, has announced an enhanced technology integration with BNY Mellon’s Pershing to simplify the process for advisors accessing alternative investments.

BNY Mellon’s Pershing and its affiliates provide global financial business solutions to broker-dealers, family offices, hedge funds, advisors, and ’40 Act fund managers, registered investment advisor firms, and wealth managers. The digital enhancement will streamline workflows for Pershing custody accounts via automated document uploads when advisors process subscriptions for alternative investments such as hedge funds, private equity, private credit, and real estate on behalf of their clients.

The integration will enable the digital transmission of Pershing private investment forms, eliminating the need for manual uploading of forms by advisors. These enhancements, along with the e-signature and e-delivery aspects of the integrated investment process, are expected to provide efficiencies that add meaningful ease to the investment process.

“We are excited to take this next step with Pershing and provide additional automation for advisors. Our clients have found the paperless, digitally-enabled aspects of the iCapital offering to be an advantage in their efforts to ensure the continuity of their business during this critical time. We have a shared commitment to ensure that the many advisors who custody with Pershing have the most innovative technology options at their disposal when accessing alternative investments on behalf of their clients,” said Tom Fortin, Chief Operating Officer and Managing Partner of iCapital Network.

The partnership announcement came at a time when advisors and clients are actively seeking alternative investments for portfolios. iCapital network’s recent survey revealed that in the wake of recent market volatility, advisors are increasingly considering client allocations to private equity and hedged strategies.

“We have a long history of making alternatives available to advisors on our platform but knew that manual steps made private investments a more difficult asset class to access. As advisors increasingly turn to alternative investments for diversification and uncorrelated returns, we are delighted to partner with iCapital to make the investing process faster, easier and more secure,” said Robert Cirrotti, managing director, Global Strategy & Product Management at Pershing. 

Recently, PGIM Investments & iCapital Network partnered to enhance access to alternatives.

iCapital was founded in 2013 with the goal of making high-quality alternative investments accessible to wealth advisors and their high-net-worth investors, enabling fund managers to reach new sources of capital. Its technology provides a seamless end-to-end alternative investing capability that includes automated subscriptions, document management, administration, and reporting. 

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