NEW YORK (Reuters) – BNY has agreed to buy Archer, a technology and operations provider that will help the U.S. bank expand its services to asset and wealth managers, the companies said on Thursday.
BNY and Archer did not disclose the deal value. The transaction is expected close in the fourth quarter if approved by regulators.
The combination will enable BNY to offer more managed account services using Archer’s cloud-based platform.
“Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors,” said Emily Portney, global head of asset servicing at BNY.
(Reporting by Lananh Nguyen in New York; editing by Jason Neely)
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