BNY Mellon-backed Pershing to acquire Optimal Asset Management.

BNY Mellon-backed Pershing, a provider of trade execution and clearance services, agreed to acquire Optimal Asset Management, a provider of investment advisory services. Financial terms were not disclosed. "The acquisition of Optimal Asset Management is the latest step in our Pershing X buildout, which aims to fuel growth by helping clients solve the challenge of managing multiple and disconnected technology tools and data sets. As part of our continued efforts to provide clients with innovative offerings, we're delighted to now be able to offer Optimal Asset Management's direct indexing capabilities to our advisory clients within Pershing, as well as to our institutional and retail clients within BNY Mellon's Investment Management business," Jim Crowley, Pershing CEO.