Pershing announced the successor to its Manager Workstation on Monday. The Manager Gateway will be available to all investment managers on Pershing's managed accounts platform by midyear 2020, according to the firm. Some 400 asset managers will have initial access by the end of 2019.
The firm described the gateway as “a consolidated digital solution that features a centralized portal, delivering simplified account access and a seamless model delivery process.”
It is meant to help asset managers by providing a new interface designed to be more intuitive and streamlines day-to-day process management. It also has a workflow tool that allows model providers to more easily create, manage and deliver models to investment professionals.
While not a model marketplace (a Pershing spokesperson confirmed that the custodian does not currently operate one), Pershing’s Manager Gateway is where asset managers create and manage models that will then cascade to clients.
The Gateway will use a single ID for access to all accounts, account details, billing, corporate actions, transactions and on-demand performance reports. The new rollout will also eliminate comingled manager codes and will provide additional efficiencies to active sleeve managers via a single portal access, according to the firm.
Model delivery has generally represented a manual time-consuming step for asset managers, but new workflows support customizable configurations for discretionary managers helping alleviate the need to maintain multiple versions of the same model. As new models are added or updated, discretionary managers receive alerts and can set up manual or automatic approvals.