The banking crisis that engulfed First Republic Bank earlier this year spurred scores of the bank’s elite advisors to jump to competitors and ultimately led to the lender’s collapse. The fallout is also taking a toll on Bank of New York Mellon’s Pershing unit.
That’s because Pershing, one the nation’s largest custodians, held assets for First Republic’s wealth management clients. On Tuesday, BNY Mellon (ticker: BK) reported that Pershing experienced $34 billion in net asset outflows, nearly canceling out the $37 billion in…
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