Pershing X, a leading technology provider and business unit of BNY Mellon, has announced a collaboration with Snowflake, the data cloud company. This partnership aims to integrate the Snowflake Data Cloud into Pershing X's data offerings for clients, enabling them to access more robust analytics and faster data management.
Snowflake and BNY Mellon Join Forces for Better Wealth Management
Currently, Pershing X is developing an advisory platform that consolidates an investor's financial data into one comprehensive system. As part of this initiative, the company is expanding its stand-alone data service offerings for wealth management firms. By utilizing the Snowflake Financial Services Data Cloud, Pershing X will help clients access their data more rapidly and manage it more efficiently.
"We look forward to working with Pershing X to empower customers to take ownership of their data. We believe the combined power of Snowflake and Pershing X will provide wealth management firms with the data and speed to cultivate better client-advisor relationships," Christian Kleinerman, the Senior Vice President of Products at Snowflake, commented.
Ainslie Simmonds, the President of Pershing X, highlighted the importance of increased productivity in the financial services sector. She added that the collaboration with Snowflake is expected to enhance data performance speed, thus improving the digital experience for Pershing X's clients and allowing them to operate more effectively.
Pershing X is a start-up business unit under BNY Mellon | Pershing, dedicated to providing a comprehensive and data-driven suite of advisory tools for the wealth management industry. The technology developed by Pershing X integrates with multiple leading custodians, enabling wealth management professionals to concentrate on delivering advice while enhancing efficiency and optimizing client experiences.
Pershing and Snowflake Expansion in Recent Years
In addition, Snowflake's services were used by another leading technology solutions provider last year, Refinitiv. The company launched quantitative analytics via Snowflake's financial services data cloud, allowing asset management firms and hedge funds to access Refinitiv quant data along with existing Snowflake vendor and proprietary data across numerous AWS and Azure cloud regions.
Last week, the company announced that Mark D. McLaughlin joined its Board of Directors, effectively replacing Carl M. Eschenbach, who resigned after being appointed the Co-CEO of Workday. According to Frank Slootman, Snowflake's Chairman and CEO, McLaughlin's extensive experience as a public CEO and his successful track record in the cybersecurity industry will be valuable assets for the Snowflake Board.
In the meantime, Pershing has expanded its trading services in Europe, the Middle East, and Africa (EMA). With assets under administration approaching $2 trillion, the company has expanded its global equity trading services beyond the UK and Ireland. Now, it caters to businesses that do not hold custody on the Pershing platform.
BNY Mellon, the financial services giant, recently announced a new partnership, joining hands with Chainalysis to provide crypto compliance tools. BNY Mellon utilizes the compliance software of Chainalysis as part of the bank's risk management program.
