BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts.
BNY said it expects to complete the deal in the fourth quarter. The price wasn’t disclosed.
“Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale,” Emily Portney, BNY’s global head of asset servicing, said in a press release.
“By combining Archer’s market-leading capabilities with BNY’s broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform,” she added.