BNY set to acquire Archer 05 September 2024US Reporter: Clelia Frondaroli
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BNY is set to acquire Archer, having entered into a definitive agreement today.
The acquisition will integrate Archer’s managed account solutions and capabilities, enhancing BNY’s existing enterprise platform to support retail managed accounts.
Archer will further provide an expanded distribution of model portfolios as well as access to its multi-custodial network to BNY Investments and BNY Pershing's Wove wealth platform.
Although subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in Q4 2024.
Commenting on the acquisition, Emily Portney, global head of asset servicing at BNY, states: “By combining Archer's market-leading capabilities with BNY's broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform."
Bryan Dori, president and CEO of Archer, adds: “As a new addition to the BNY platform, Archer's expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses."
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