Wove integrates the technology tools required for advisors into a single platform and includes core applications such as advanced data reporting and analytics, financial plan building, flexible billing, cross-custodian trading, and rebalancing
BNY Mellon headquarters at 240 Greenwich Street. (Credit: Kidfly182/Wikipedia)
US-based investment bank BNY Mellon announced that its technology services subsidiary Pershing X has rolled out a new wealth management platform, dubbed Wove.
Wove integrates the technology tools required for advisors into a single, data-driven platform.
The platform includes core applications such as advanced data reporting and analytics, financial plan building, flexible billing, cross-custodian trading, and rebalancing.
In addition, it provides advisors with access to direct indexing investment strategies, including the new BNY Mellon Precision Direct Indexing S&P 500.
Pershing X said that the new platform will allow BNY Mellon Advisors to deliver investment solutions, through a team of senior investment professionals across BNY Mellon.
Pershing X president Ainslie Simmonds said: “When building Wove, we went beyond just having integrations and created interconnected experiences for advisors so they can go from planning and portfolio building to account management without having to re-enter data.
BNY Mellon | Pershing CEO Jim Crowley said: “The Wove platform is unique because it has the power, scale and security of BNY Mellon behind it.
“By leveraging the breadth of innovation from across the firm to create Wove, we are able to provide advisors with seamless technology and best-in-class investment tools to help revolutionise how they serve their clients.”
In a separate development, BNY Mellon has unveiled a new direct indexing solution for financial advisors, managed by BNY Mellon Investment Management’s indexing specialist, Mellon.
BNY Mellon Precision Direct Indexing S&P 500 seeks to match the performance and overall characteristics of the S&P 500 Index with a minimum investment of $250,000.
Powered by Mellon’s index investment expertise and tax management experience, the indexing solution provides customised strategies, portfolio customisation and tax management.
It enables financial advisors to provide customised direct indexing to their clients, including tax-loss harvesting, capital gains harvesting and tax transitioning in the US.
The indexing solution is offered through Pershing X’s new advisory platform Wove and includes BNY Mellon Pershing’s clearing and custody services.