Pershing says the standarisation should see all providers, fund managers and platforms move to electronic re-registration of clients' assets.
Pershing's electronic re-registration platform will enable client assets to be transferred quickly and efficiently. The solution has already been tested with technology provider Altus and BNY Mellon transfer agency colleagues and is expected to be available to Pershing's wealth and adviser clients later this year as part of a phased roll-out. Pershing is part of BNY Mellon.
Chris Hornsby, operations director at Pershing Limited, said: "The system is fully interoperable, facilitating seamless communication with other market participants. It will offer clients the benefit of avoiding the historic paper trail involving registrars, transfer agents and fund managers, replacing it with a fully automated, electronic solution that significantly speeds up the transfer processes."
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Pershing says the new offering will be a benefit a number of Pershing clients and has already received interest from companies such as Raymond James Investment Services and 7IM, an IFP corporate member.
Stuart Wright, head of operations and product manager at Raymond James, said: "Efficient, automated transfers are a must for the industry."
7IM's head of transitions, Katie Gawler, said: "7IM has long been a supporter of in specie re-registration and welcomes the introduction of an automated solution. We are also excited about the prospect of extending the asset classes and wrapper types that can be included in the messaging, which will make the end-to-end solution even more complete."