The Bank of New York Mellon Corporation, (NYSE: BK), a NYC-based financial services company, has entered into a definitive agreement to acquire Archer, a technology-enabled service provider of managed account solutions to the asset and wealth management industry.
The amount of the deal was not disclosed. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed. The financial impact of the transaction is not expected to be material to BNY’s earnings and its previously communicated outlook for capital returns.
The acquisition will enhance BNY’s capabilities across the entire managed account ecosystem, including manufacturing, distribution and servicing. With the integration of Archer’s managed account solutions, capabilities and professional servicing team, BNY will enhance its enterprise platform to support retail managed accounts, a market that is projected to grow at a double-digit compound annual growth rate to over $8 trillion in assets over the next three years in the U.S.
Led by CEO and President Bryan Dori, Archer provides asset and wealth managers with comprehensive middle- and back-office solutions to address the managed account needs of institutional, private wealth and retail investors. Through its integrated, cloud-based platform, the company helps its clients to expand distribution, streamline operations, launch new investment products and deliver personalized outcomes to a broader market.
FinSMEs
06/09/2024