BNY Mellon to provide Arax company with custody and clearing services
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BNY Mellon to provide Arax company with custody and clearing services 05 March 2024US Reporter: Jack McRae
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BNY Mellon’s Pershing will support Ashton Thomas Securities with clearing and custody services.
As part of the deal, Ashton Thomas, owned by Arax Investment Partners, will be able to use BNY Mellon’s Precision Direct Indexing.
Dave DiPetrillo, head of North America distribution at BNY Mellon Investment Management, says: “We continue to see growing demand for tax management and portfolio customisation capabilities from leading wealth management firms for their advisors”.
Haig Ariyan, CEO, Arax Investment Partners adds: “Pershing’s technology capabilities and breadth of services it can tap into as part of BNY Mellon make them an ideal collaborator for the broker-dealers and advisors we bring onto our platform.”
Ashton Thomas, formerly Excel Securities, was acquired by Arax in December 2023.
Arax is an asset and wealth management platform company supported by RedBird Capital Partners, a private equity firm.
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