Global financial services provider Bank of New York Mellon (BNY) has introduced Alts BridgeSM (Alts Bridge), a comprehensive data, software, and services solution designed to satisfy wealth intermediaries.
This will increase the demand for a more straightforward end-to-end investing process when gaining access to alternative and private market investment products.
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Alts Bridge aims to fully incorporate into intermediaries’ existing desktops, starting with BNY Pershing X’s Wove advisory platform and NetX360+, and incorporating modern AI and analytics tools to reduce manual processing and error rates, resulting in an effective tool for investors, advisers, and home offices.
The service will provide entry to an assembled, broad suite of leading alternative and private market asset managers from around the world, that include 26 North, AB CarVal, Alternatives by Franklin Templeton, Apollo, Atalaya, Aviva Investors, Blue Owl Capital, Carlyle, CIFC, Coller Capital, Crescent Capital, Eisler Capital, Generali, GoldenTree, Goldman Sachs, Hunter Point Capital, Invesco, KKR, Lexington Partners a Franklin Templeton Company, Lunate, Marathon Asset Management, Partners Group, Polen Capital, RCP Advisors, and Stormfield Capital.
Moreover, the platform will involve features for pre-, during-, and post-trade processes, such as a consultant education and fund discovery center, home office and asset manager tools, product overviews, automated document preparation, simplified order entry, and integrated reporting and investment management.
The average proportion of advisers’ portfolios to private market and alternative investments is supposed to be between 10% and 15%, although actual allocations are still in the low single digits.
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By GlobalDataIt is anticipated that the total value of alternative assets under management worldwide would reach $24.5trn by 2028, indicating a yearly growth rate of 8.4% from 2022 to 2028.
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Akash Shah, chief growth officer and head of growth ventures at BNY stated: “Powered by BNY’s data and technology, Alts Bridge will connect clients across the wealth ecosystem and alternative markets in a unique and more seamless way. As a firm that supports more than $2.6trn of wealth assets and has relationships with more than 500 leading alternative managers, we believe we are uniquely positioned to unlock this market. We’re combining the breadth and depth of BNY’s distribution team with our expertise across investment management, advisory, securities services, wealth technology, and wealth custody and clearing, enabling Alts Bridge to provide a comprehensive solution to find, access, and custody alternative and private market assets.”
David Moss, head of Alts Bridge at BNY added: “We consistently hear from advisers that they want to allocate more to alternatives and private markets but are limited by operational complexity and significant additional resource requirements. We’re incredibly proud to deliver the alternative investment experience that advisers and their clients expect and deserve. We’re addressing challenges that have persisted for decades and delivering cutting edge tools. For advisers, we are making alternatives easier. And for asset managers, Alts Bridge delivers scalable, efficient access to the growing wealth channel.”
The platform is scheduled to be accessible to US Registered Investment Advisers (RIAs) and Independent Broker-Dealers (IBDs) in fall 2024, and the initial platform will be open to clients of BNY Pershing.
