Financial services company Bank of New York Mellon (BNY Mellon) has closed on its acquisition of Berwyn, Pa.-based Archer Holdco.
Specifically, Archer is a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry.
Managed accounts are among the fastest-growing investment vehicles in the financial services industry. Through its technology, Archer provides asset and wealth managers with middle—and back-office solutions to address the needs of institutional, private wealth, and retail investors.
“We are pleased to announce the successful closing of the Archer transaction and are thrilled to welcome Bryan Dori and the talented Archer team to BNY,” Emily Portney, global head of asset servicing at BNY Mellon, said.
Going forward, Archer’s clients will be able to access fully integrated solutions across the entire managed account lifecycle, leveraging the broader capabilities of the BNY enterprise.
The transaction positions BNY Mellon as the leading service provider to support asset managers and their funds for their institutional and retail investor base.
BNY Mellon first announced its plan to acquire Archer on Sept. 5.
BNY is a global financial services company that oversees $52.1 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
Archer has expansive connectivity across the industry and experience working with asset managers to help them streamline operations, enter new distribution channels, and launch new products.