Ashton Thomas Securities, a hybrid
broker-dealer of Ashton Thomas Private Wealth whose advisors manage
over $5B in client assets, will use
Pershing's clearing and custody services, as well as BNY Mellon's
direct indexing solutions
NEW
YORK, March 4, 2024 /PRNewswire/ -- BNY Mellon's
Pershing (NYSE: BK), a leading provider of global financial
business solutions, announced today it will support Ashton Thomas
Securities, an independent broker-dealer and registered investment
advisor (RIA) owned by Arax Investment Partners ("Arax"), with
clearing and custody solutions.
Ashton Thomas Securities, formerly called Excel Securities, was
acquired by Arax in December 2023 to
serve as the hybrid broker-dealer for Ashton Thomas Private Wealth,
an Arax advisory firm. Arax is an asset and wealth management
platform company backed by private equity firm RedBird Capital
Partners that supports RIAs, wealth managers and advisor teams
seeking to scale their businesses and expand their client
offerings.
As part of the agreement, advisors from Ashton Thomas Securities
will also be able to use BNY Mellon Precision Direct Indexing,
which is offered by BNY Mellon Investment Management. This
customizable investment strategy seeks to match the performance and
overall characteristics of various major benchmarks, and can easily
be integrated into clients' portfolios.
"Arax is making a name for itself as an attractive partner for
high-growth wealth managers, and Pershing is delighted to help
support its new broker-dealer and RIA, Ashton Thomas Securities,"
said Ben Harrison, Head of Wealth
Solutions, BNY Mellon's Pershing. "We have a long history working
with the firm when it operated as Excel Securities and look forward
to providing them with the tools that will help them grow and
flourish with Arax. This speaks to our strong client-first mindset
and BNY Mellon's 240-year heritage of helping clients achieve their
ambitions."
"As we continue to expand and strengthen our wealth management
platform, we're excited to be developing a relationship with one of
the industry's leading providers of clearing and custody services,"
said Haig Ariyan, CEO, Arax
Investment Partners. "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."
"We continue to see growing demand for tax management and
portfolio customization capabilities from leading wealth management
firms for their advisors," said Dave
DiPetrillo, Head of North America Distribution, BNY Mellon
Investment Management. "Offering the capabilities of BNY Mellon
Investment Management through Pershing provides Ashton Thomas
Securities' advisors with a compelling direct indexing
solution."
ABOUT BNY MELLON
Established in 1784, BNY Mellon is
America's oldest bank and the first company listed on the New York
Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets
around the world through comprehensive solutions that help clients
manage and service their financial assets throughout the investment
life cycle. BNY Mellon had $47.8
trillion in assets under custody and/or administration and
$2.0 trillion in assets under
management as of December 31, 2023.
BNY Mellon has been named among Fortune's World's Most Admired
Companies and Fast Company's Best Workplaces for Innovators. BNY
Mellon is the corporate brand of The Bank of New York Mellon
Corporation. Additional information is available on
www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for
the latest company news.
ABOUT BNY MELLON'S PERSHING
BNY Mellon's Pershing is a
leading provider of clearing and custody services. We are uniquely
positioned to help complex financial services firms transform their
businesses, drive growth, maximize efficiency, and manage risk and
regulation. Wealth management and institutional firms outsource to
us, or one of our affiliates, trading and settlement services,
investment solutions, bank and brokerage custody, middle- and
back-office support, data insights and business consulting.
Pershing brings together high-touch service, an open digital
platform and the BNY Mellon enterprise to deliver a differentiated
experience for every client. Pershing LLC (member FINRA, NYSE,
SIPC) is a BNY Mellon company. With offices around the world,
Pershing has over $2 trillion in
assets and millions of investor accounts. Pershing affiliates
include Pershing X, Inc. and BNY Mellon Advisors, Inc., an
investment adviser registered in the
United States under the Investment Advisers Act of 1940.
Additional information is available on pershing.com, or follow us
on LinkedIn or Twitter @Pershing.
ABOUT BNY MELLON INVESTMENT MANAGEMENT
BNY Mellon
Investment Management is one of the world's largest asset managers,
with $2.0 trillion in assets under
management as of December 31, 2023.
Through an investor-first approach, BNY Mellon Investment
Management brings to clients the best of both worlds: specialist
expertise from seven investment firms offering solutions across
every major asset class, backed by the strength, stability, and
global presence of BNY Mellon. Additional information on BNY Mellon
Investment Management is available on www.bnymellonim.com.
ABOUT ARAX INVESTMENT PARTNERS
Arax Investment
Partners is a rapidly growing, multi-boutique wealth management
platform making strategic control investments in best-in-class
operating companies in partnership with their founders and
management teams. Arax is focused on making strategic investments
and supporting RIAs, hybrid wealth managers, and advisor teams
seeking a new growth platform to scale their businesses.
Arax enables its partners and affiliates to be entrepreneurial
and focus on delivering industry-leading financial services to
their clients. Firms within the Arax network benefit from a
seasoned management team with a successful track record of scaling
wealth platforms, M&A experience, capital sourcing capabilities
and company-building expertise backed by a proven investor with an
extensive network, RedBird Capital Partners. Our experienced
leaders, multi-platform structure and growth equity partnership
create a unique advantage for our partners. For more information,
please go to www.araxpartners.com.
This Press Release is issued to members of the press and media
and the information contained herein should not be construed as
investment advice
or a recommendation of any investment
strategy. It does not constitute an offer or solicitation of
securities or investment services or an endorsement thereof in any
jurisdiction or in any circumstance in which such offer or
solicitation is unlawful or not authorized.
BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation and may also be used as a generic term to reference the
corporation as a whole or its various subsidiaries generally.
ARAX Investment Partners and BNY Mellon are unaffiliated
entities.
Contact Information
BNY Mellon's Pershing
Liz Ozaist
347-528-3559
Elizabeth.Ozaist1@bnymellon.com
BNY Mellon Investment Management
Anneliese Diedrichs
+44 7930-135-524
anneliese.diedrichs@bnymellon.com
Arax Investment Partners
Dan
Gagnier
Gagnier Communications
646-569-5897
RedBird@gagnierfc.com
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SOURCE Pershing, LLC