The Bank of New York’s Pershing Unit Announces Addition of USAllianz to No-Transaction-Fee Annuity Program
Pershing LLC, a subsidiary of The Bank of New York and a member of BNY Securities Group, has begun providing its introducing broker-dealer customers with access to USAllianz' annuity products.
JERSEY CITY, N.J., January 10, 2005 - Pershing LLC, a subsidiary of The Bank of New York and a member of BNY Securities Group, has begun providing its introducing broker-dealer customers with access to USAllianz' annuity products. The products will be accessible through Subscribe, Pershing's no-transaction-fee annuity program.
USAllianz' annuity products are provided by USAllianz Investor Services, a subsidiary of Allianz Life Insurance Company of North America. The addition of these annuity products to the Subscribe program enables Pershing's customers and the investment professionals they serve to consolidate annuity contracts along with other portfolio holdings in their clients' brokerage accounts. Balance information for the products is accessible through NetExchange Pro, Pershing's online brokerage platform, enabling investment professionals to view a more complete picture of a client's portfolio.
Ron Fiske, managing director at Pershing, said, "Pershing works closely with the industry's leading organizations to provide access to sophisticated financial products and services, such as USAllianz' selection of variable annuities. We are pleased to offer these products on a no-transaction-fee basis and will continue to broaden the array of annuity providers who participate in Subscribe."
Pershing is a leading global provider of clearing and financial services outsourcing solutions to nearly 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent more than 6 million individual investors. Located in 22 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Frankfurt, Irish, and London Stock Exchanges. Pershing LLC is a member of BNY Securities Group and a subsidiary of The Bank of New York. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com
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