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Bank of New York Mellon’s Pershing unit reported a rebound in net new assets after suffering outflows due to the collapse of First Republic Bank, which relied on Pershing for clearing and custody of wealth management assets.
Pershing added $23 billion in net new assets for the third quarter, the company said Oct. 17. That’s up from outflows of $34 billion for the second quarter and down from $45 billion added in the year-ago period.
Despite…
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