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Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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May 31, 2003

Marriage to BNY Keeps Pershing Execs in Place

By Staff Reports

Some of Pershing's management and business products will remain in place - and may even prosper - under its new Bank of New York owner.

Pershing's CEO Richard Brueckner and COO Brian Shea, will still continue to manage the same business, according to Joseph Velli, head of BNY Securities Group.

On the systems side, Pershing's front and backend platforms will be introduced to Bank of New York correspondents.

For Pershing loyalists, that's a good start to its marriage to Bank of New York. Some observers had expected that each entity would continue to peddle its own front-end systems. These systems are used by registered reps who work at correspondent firms.

Last month, Bank of New York finalized its acquisition of Pershing. The combined entity creates the world's largest correspondent clearing firm, called BNY Clearing.

Bank of New York, however, plans to pull the plug on BNY Clearing's backoffice unit in Milwaukee. Some of these employees have found positions at Pershing headquarters and at its service center in Oakbrook, Ill.