09/24/03
JERSEY CITY, N.J., September 24, 2003 - Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York, announced today that the Nuveen Investments family of mutual funds is now available to more than 1,100 introducing broker-dealer customers and their 5 million clients through its mutual fund platform.
Access to the complete array of Nuveen mutual funds is available through Pershing’s mutual fund supermarket, as well as FundVest Institutional®, the firm’s no-transaction-fee mutual fund program. This program enables Pershing’s customers to offer their fee-based or managed account clients the ability to purchase Nuveen mutual funds without incurring transaction fees.
Today, Nuveen’s investment management expertise is applied to 36 mutual funds with approximately $12.2 billion in assets. With the addition of Nuveen’s family of funds, Pershing now provides access to 11,800 mutual funds, representing more than 470 fund families. In addition, through FundVest Institutional®, more than 1,500 mutual funds, representing more than 140 fund families, are accessible on a no-transaction-fee basis.
Lou Holland, managing director of Nuveen Advisor Consulting Services Group, said, "The addition of Nuveen Investments’ funds to the Pershing platform exemplifies the type of partnership we strive for as we look to expand our distribution efforts. Pershing’s commitment to products and services are a perfect complement to our dedication to investment excellence."
Brian T. Shea, chief operating officer of Pershing, said, "Enabling our customers to access products and services from best-of-breed providers, now including Nuveen mutual funds, is a key part of Pershing’s strategy for helping our customers maintain and extend their competitive positions, as well as add value to their client relationships."
Pershing is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and investment advisors who collectively represent 5 million individual investors. Located in 18 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of BNY Securities Group and a subsidiary of The Bank of New York. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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