Pershing is to offer electronic re-registration services for its UK clients as part of the wider industry shift to move clients’ assets between platforms more efficiently.
The system has been tested with technology firm Altus and internally at Pershing’s parent company BNY Mellon. Pershing estimates it will begin a phased rollout of the service around November.
Pershing operations director Chris Hornsby says: “The system 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.”
Pershing clients including Raymond James and Seven Investment Management have already signalled their interest in the service.
Yesterday the FCA warned the industry could face prescriptive legislation around re-reg if it failed to improve on slow re-reg times.