Pershing, a subsidiary of BNY Mellon, has rolled out its new no-transaction-fee (NTF) exchange-traded fund (ETF) platform.
The platform, dubbed FundVest ETF, has no minimum purchase requirements or holding period. The solution will be available to all Pershing clients.
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The newly launches platform spans a wide range of asset classes, featuring funds from major providers such as Direxion, Guggenheim Investments, PowerShares by Invesco, OppenheimerFunds, PIMCO, Reality Shares, and SPDR ETFs from State Street Global Advisors.
The platform, according to the company, will add new providers over the coming months.
The company added that its clients will have full access to funds available on FundVest ETF via the ETF Center on NetX360.
Pershing director of financial solutions Justin Fay said: “As the demand for ETFs continues to increase, we are pleased to bring our clients a diverse selection of no-fee ETFs offered on an independent, open architecture platform.
“This new offering reaffirms our commitment to expanding the suite of low-cost investment solutions available to our clients as they continue to implement ETFs more frequently within portfolios in an effort to more efficiently meet investor financial goals.”
Pershing also revealed that inflows into ETFs on its platform jumped 20% in 2016, compared to the previous year.
