The Bank of New York Company Inc.’s Pershing Unit Enhances Securities-Based Consumer Lending Tool
JERSEY CITY, N.J., March 5, 2007 -- Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has launched an enhanced version of LoanAdvance®, its securities-based consumer lending tool that provides access to lines of credit at competitive interest rates.
The enhanced version of LoanAdvance provides Pershing's customers and their clients with the ability to increase their current borrowing power by pledging assets held in separately managed accounts as collateral for their loans. This new capability allows investment professionals and independent registered investment advisors to manage their clients' lending needs more efficiently and effectively, since it eliminates the need to liquidate securities or move assets into separate collateral accounts.
Through LoanAdvance, Pershing's customers and their clients have the flexibility to borrow up to 70% of the market value of qualified equity, mutual fund, and investment-grade corporate or municipal bond securities, as well as up to 90% of the market value for U.S. Treasury securities. LoanAdvance cannot be used to purchase securities.
LoanAdvance is available to Pershing's qualified introducing broker-dealer customers and the clients they serve as well as to qualified independent registered investment advisors and their clients through Pershing's affiliate, Pershing Advisor Solutions LLC.
John Iachello, chief operating officer of Pershing Advisor Solutions, said, "LoanAdvance's new separately managed account capabilities further demonstrate our continued commitment to provide independent registered investment advisors with a broad array of wealth management solutions that address the unique needs of their high-net-worth clients."
Ron Fiske, managing director of the product management and development group at Pershing, said, "These enhancements will provide our introducing broker-dealer and independent registered investment advisor customers with a flexible solution that will help them meet their individual clients' liquidity and financing needs."
LoanAdvance's new separately managed account capabilities further enhances Pershing's ability to provide its customers and their clients with an extensive suite of wealth and cash management offerings, which include securities-based lending products, asset management account capabilities and private client services. Pershing is in a unique position to continue broadening its products and services by leveraging The Bank of New York's expertise in providing a broad array of wealth management solutions, including directed trust services, alternative investments, hedging and monetization strategies and private banking.
Pershing LLC is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent nearly six million individual investors. Located in 19 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 web site development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Company, Inc. Additional information is available at www.pershing.com.
Pershing Advisor Solutions LLC is an affiliate of Pershing LLC and a leading provider of financial services outsourcing solutions to independent, fee-based registered investment advisors and dually-registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers. Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has a 67-year heritage of providing custodial services and outsourcing solutions to many of the world's leading financial services organizations. Through an innovative custody platform, Pershing Advisor Solutions delivers superior expertise and scalable and customizable solutions to help manage and grow fee-based businesses. Additional information is available at www.pershingadvisorsolutions.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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