BNY Mellon’s Pershing, a clearing and custody services provider, has launched a new wealth management platform, dubbed Wove, to bring together the technology tools used by advisors into a single platform driven by data.

Wove is equipped with the core applications advisors require, including advanced data reporting and analytics, flexible billing, financial plan building, cross-custodian trading, and rebalancing, said the firm.

The new wealth management platform has been debuted by Pershing X, which is a technology provider within BNY Mellon’s Pershing.

According to BNY Mellon, Wove will also help advisors to obtain access to direct indexing investment strategies, such as the new BNY Mellon Precision Direct Indexing S&P 500, managed by Mellon, BNY Mellon Investment Management’s indexing specialist.

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.

“The goal is to help them be more productive and efficient with their time so they have the ability to help serve even more clients.”

Pershing X also said that BNY Mellon Advisors will offer investment solutions through the new platform by leveraging an in-house team of senior investment professionals from across BNY Mellon.

Pershing was purchased by The Bank of New York in 2003 and a few years later, the latter merged with Mellon Financial to form BNY Mellon.

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 December 2022, BNY Mellon Pershing announced the integration of the web-based version of the Intercontinental Exchange Connect wealth management platform to the former’s clearing and custody platform NetX360+.