JERSEY CITY, N.J., Sept. 12, 2016 /PRNewswire/ -- Pershing LLC,
a BNY Mellon company, today announced that it has selected Mesirow
Financial Investment Management, Inc. as a premier provider of
fiduciary services for its open-architecture Retirement Plan
Network. The addition of Mesirow Financial's fiduciary partnership
services will provide plan advisors using the Retirement Plan
Network access to a robust set of services to support them with the
investment selection and monitoring provided to their plan sponsor
clients.
Through the Retirement Plan Network, Mesirow will provide access
to both 3(21) and 3(38) ERISA fiduciary services to support plan
fiduciaries. Through the 3(21) service, Mesirow makes
recommendations, gives guidance, and monitors investment options
selected by the plan advisor and plan fiduciary. In the 3(38)
service, Mesirow maintains full discretion over investment options
for a plan: selecting, monitoring, and replacing investment options
based on the plans investment policy statement.
"One of the top concerns of our clients is the increasing focus
on their fiduciary responsibilities and the disclosures and
oversight associated with it," said Marc
Caras, Director of Pershing's Retirement Plan Business.
"Under the Department of Labor Conflict of Interest Rule, all
registered professionals involved in retirement business—including
many who aren't acting as fiduciaries today—will need to understand
the role of the ERISA fiduciary and put robust controls in place.
This new offering can help them fill a critical gap, giving them
the oversight and controls required to meet their clients'
needs."
"Mesirow was selected to collaborate with Pershing's Retirement
Plan Network to provide greater scale and capabilities to the
broker-dealer community and their advisors. Pershing allows us to
reach a broader number of broker-dealers and retirement plan
focused advisors that are seeking outsourced solutions to limit
investment fiduciary risk. By leveraging Pershing's technology and
robust set of client capabilities available through the Retirement
Plan Network, advisors are better positioned to support their plan
sponsor clients." said Michael
Annin, Senior Managing Director, Mesirow
Financial.
The addition of Mesirow's fiduciary services is the latest
enhancement to the Retirement Plan Network platform. In June,
Pershing announced the addition of five new recordkeepers. The
network offers advisors a comprehensive view of plan details across
network recordkeepers for all of their retirement business
custodied with Pershing. It also offers access to a variety of
retirement plan tools to help advisors increase efficiency in their
sales, services and operations of their retirement plan
business.
"We are personally invested in making the management of
retirement business as seamless as possible for our clients, and
the addition of these fiduciary services to Retirement Plan Network
is another example of the enhancements we're making to meet their
evolving needs," added Caras.
This fall Pershing will begin hosting regional retirement
symposiums, starting with an event in September in New York City followed by a second event in
October in Chicago. Caras notes, "As part of our commitment
to the retirement business, we are excited to be able to provide
clients and retirement plan advisors access to an exclusive event
centered on great thought leadership, practice management and
networking opportunities with industry experts, leading retirement
plan service providers and senior leaders across Pershing and BNY
Mellon."
For more information about Pershing's Retirement Plan Network,
please visit www.pershing.com/rpn .
About Pershing
Pershing and its affiliates provide global financial business
solutions to advisors, asset managers, broker-dealers, family
offices, registered investment advisor firms and wealth managers. A
financial services firm located in 23 offices worldwide, Pershing
provides business-to-business solutions to clients representing 6
million active investor accounts on the U.S. platform. Pershing
affiliates are members of every major U.S. securities exchange, and
its international affiliates are members of the Deutsche Börse,
Australian Stock Exchange, Irish Stock Exchange, London Stock
Exchange and Toronto Stock Exchange. Pershing LLC (member
FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is
available on pershing.com, or follow us on
Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of June 30, 2016, BNY Mellon had $29.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
About Mesirow Financial Investment Strategies
The Mesirow Financial Investment Strategies team is an
independent third-party consultant that provides robust asset
allocation strategies and manager selection to defined contribution
providers, broker/dealers, registered investment advisors,
insurance companies and mutual fund companies. The team is a
leading provider of flexible fiduciary solutions to the defined
contribution industry, including ERISA 3(21) and 3(38) services.
Advisory services offered through Mesirow Financial Investment
Management, Inc. an SEC Registered Investment Advisor. For more
information about Mesirow Financial, visit
mesirowfinancial.com.
Paul Patella
+1 201 413 3609
paul.patella@pershing.com
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SOURCE BNY Mellon