The Bank of New York Mellon Corp. (BNY) plans to provide RIAs and independent broker-dealers in the US with greater access to alternative and private market investment products through a new “Alts Bridge” platform, the company said in a September 16 statement.
BNY said the new solution will provide data, software, and services directly to intermediaries’ desktops, allowing them to access products from a curated suite of more than 20 leading alternative and private market fund managers. Among the managers included are Apollo Global Management, Blue Owl Capital, Carlyle, Goldman Sachs, KKR, and Marathon Asset Management.
"We consistently hear from advisors that they want to allocate more to alternatives and private markets but are limited by operational complexity and significant additional resource requirements,” David Moss, head of Alts Bridge, said in the company’s news release. "We’re addressing challenges that have persisted for decades and delivering cutting edge tools. For advisors, we are making alternatives easier. And for asset managers, Alts Bridge delivers scalable, efficient access to the growing wealth channel."
BNY’s Alts Bridge solution represents the latest move by Wall Street firms to expand access to alternative, particularly private market, investments and follows on last week’s news that rival State Street and Apollo have applied to launch a private credit ETF.
View the news release here: https://www.prnewswire.com/news-releases/bny-to-launch-alts-bridge-platform-broadening-investor-access-to-alternative-products-302248801.html
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