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September 05, 2024 at 12:01 PM
Bank of New York Mellon Corp. is expanding further into the fast-growing retail wealth market by acquiring the Archer technology firm to handle infrastructure and distribution of managed accounts to financial advisors and their clients.
The acquisition of Berwyn, Pennsylvania-based Archer will also help BNY market its own investment strategies and custody bank business, according to a statement Thursday.
The deal is expected to be completed in the fourth quarter, pending regulatory approval. Terms weren’t disclosed.
“Managed accounts — and very specifically retail-managed accounts — are one of the fastest-growing products in the asset-management industry,” Emily Portney, BNY’s global head of asset servicing, said in an interview.
The biggest money managers are increasingly focused on the U.S. wealth market, partnering or buying technology and firms to distribute managed accounts, model portfolios and private assets to wealthy clients.
