Vanguard Brokerage Services, the broker-dealer unit of The Vanguard Group Inc., is ending its decade-long relationship with Pershing LLC and will self-clear its trades, according to Amy Chain, a spokeswoman for the fund manager.
Malvern, Pa.-based VBS is expected to begin its own trade processing by the middle of the year, with some visible changes, such as new account numbers for clients, showing up by the end of May.
The move is designed to increase efficiency and provide cost savings, according to Ms. Chain, who did not give an estimate of how much Vanguard will save as a result of the change.
Jersey City, N.J.-based Pershing is an affiliate of New York-based Bank of New York Mellon Corp.
According to the most recent yearbook of the Securities Industry and Financial Markets Association of New York and Washington, VBS has 650,000 customer accounts and $65 billion in customer assets.
No comments:
Post a Comment