Mindy Diamond Quoted
By Lisa Shidler
BNY Mellon and Pershing are forming a more perfect union on behalf of big-time RIAs whose clients are rich enough that they don’t want to go through the wringer to borrow cash.
Having the bank and brokerage side linked up together gives Pershing a serious leg up on the other custodians, Mindy Diamond, chief execuitve of Diamond Consultants, says. “The fact that they’re positioning themselves as the ability to offer greater lending capabilities because of the association of the bank is a very good thing. Other custodians are weaker in this area and it’s a positive for Pershing.”
She adds: “If you’re fully independent and not associated with HighTower or Dynasty, it means you have to develop your own relationship with banks and it’s not so easy to do in this lending environment.”