BNY Brokerage to Acquire the Execution and Commission Management Assets of Wilshire Associates.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif. -- BNY BNY Bank of New York Brokerage Inc., a subsidiary of The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. and a member of BNY Securities Group, and Wilshire Associates Incorporated, a leading global investment technology, investment management and investment consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , announced today that they have signed a definitive agreement for BNY Brokerage to acquire the execution and commission management assets of Wilshire Associates. This acquisition is subject to New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. approval. Terms were not disclosed. BNY Brokerage is a leading institutional agency broker providing execution and commission management services to investment managers, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , pension funds, endowments, unions, and other plan sponsor clients. Upon closing, BNY Brokerage will assume Wilshire's client relationships for the execution and commission management business. While Wilshire will not solicit clients of its other business units to use BNY Brokerage services, clients of Wilshire Analytics who currently use Wilshire's brokerage services will have the option of using the services of BNY Brokerage as a way of reducing direct expenses. Wilshire Analytics develops and markets asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. , risk management and accounting software products which are purchased by scores of banks, insurance companies and money managers around the world. In addition, BNY Brokerage will provide clearing services for other broker-dealer firms currently serviced by Wilshire's brokerage business. These clients will be serviced by BNY Brokerage's Wholesale Execution Services division, which supports institutional broker-dealer and market intermediaries. "Wilshire Associates' board of directors has been very deliberate in our decisions to concentrate on growing our core businesses offering industry leading investment technology, investment consulting and investment management services and solutions," said Dennis A. Tito, chairman and chief executive officer of Wilshire Associates. "The decision to sell the brokerage business was a result of an ongoing overall review of the strategic direction of the firm that first began nearly three years ago. We are very pleased that BNY Brokerage will assume our brokerage business, since it is well positioned to meet the changing needs of the institutional community," he added. "BNY Brokerage's capabilities as a premier provider of brokerage services will ensure a continued high level of service and support with seamless coverage for clients." "The acquisition of Wilshire Associates' execution and commission management business reaffirms our long-standing commitment to offering best-of-breed solutions to the institutional investment community," said Carey S
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About BNY Securities Group BNY Securities Group is the global agency brokerage, clearing and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. outsourcing sector of The Bank of New York Company, Inc. It provides institutions, broker-dealers and corporations with a broadly diversified suite of services and "The Power of Choice" through multiple business models. Through its broad range of businesses, BNY Securities Group offers creative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. BNY Securities Group is the largest provider of commission management services, has 21 New York Stock Exchange seats, and offers global execution and clearing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC. About The Bank of New York The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) is a global leader in securities servicing for issuers, investors and financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. About Wilshire Associates Wilshire Associates is a leading global investment technology, investment management and investment consulting firm with four business units including Wilshire Analytics, Wilshire Consulting, Wilshire Funds Management, and Wilshire Private Markets. The firm was founded in 1972, revolutionizing the industry by pioneering the application of investment analytics and research to investment managers for the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. All other business units evolved from Wilshire's strong analytics foundation. Wilshire developed the index now known as the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Wilshire 5000 Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". , the first asset/liability models for pension funds, the first U.S. equity style metrics work and many other "firsts" as the firm grew to more than 300 employees serving the investment needs of institutional and high net worth clients around the world. Based in Santa Monica, CA, Wilshire provides services to clients in more than 20 countries representing in excess of 600 organizations with assets totaling more than $12.5 trillion. With eight offices on four continents, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality counsel, products and services. For more information, go to www.wilshire.com. |
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