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The Bank of New York Launches Private Client Investment Services; Clients Gain Access to Pershing's Research and Trading Platform.

NEW YORK -- The Bank of New York has launched a full service brokerage solution for high-net-worth individuals, providing a complementary option to its traditional discretionary account management services and fully positioning the firm as a preferred financial advisor.

The full service brokerage, called Private Client Investment Services, offers individuals a variety of benefits, including dedicated financial consultants, comprehensive cash management account, award-winning research and trading expertise, online account access through a dynamic website, and a diverse variety of investment options.

"We recognize that many high-net-worth individuals want to actively manage a portion of their portfolios," said Kent Lorentzen, president of BNY Investment Center Inc. "With this solution, The Bank of New York now provides investors with a highly competitive full service brokerage platform that expands their investing options, offers personalized and objective advice, and simplifies access to the Bank's full range of services."

As part of the offering, clients will also gain direct access to Pershing's industry leading research, product and trading platforms to support their investment activity. A subsidiary of The Bank of New York, Pershing is a leading global provider of clearing and financial services outsourcing solutions to nearly 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent more than 5 million individual investors.

"Since acquiring Pershing last year, we have launched several initiatives across the Bank designed to deliver their products and services to a wider range of our clients. Our full service brokerage will provide clients with new opportunities to diversify their portfolio, via access to Pershing's Investment Research Services 'Recommended List' of equities and specialty investment packages," said Lorentzen.

Lorentzen noted that Private Client Investment Services fully complements the traditional discretionary investment services offered through BNY Asset Management, in which BNY Asset Management manages investment portfolios on behalf of its clients.

The Bank of New York's Private Client Services organization provides a full array of wealth management services including financial and tax planning, trust and fiduciary services, fiduciary real estate management, estate planning, private banking and other unique investment solutions.

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 financial institutions, asset managers, governments, non-profit organizations, corporations, 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.

Private Client Investment Services is a division of BNY Investment Center Inc., a wholly-owned subsidiary of The Bank of New York and a registered broker-dealer and member NASD and SIPC. Securities (including mutual funds) are offered through BNY Investment Center Inc. and are not FDIC insured, may lose value and not the subject of any bank, state or federal agency guarantee or insurance. SIPC protects against members business failure but not against loss of principal investment, nor is it equivalent to FDIC insurance.

BNY Asset Management is a division of The Bank of New York.
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Publication:Business Wire
Date:Dec 2, 2004
Words:564
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