BNY Mellon's Pershing Announces New Client Relationship with Ashton Thomas Securities, an Arax Investment Partners Firm

Ashton Thomas Securities, a hybrid broker-dealer of Ashton Thomas Private Wealth whose advisors manage over $5B in client assets, will use Pershing's clearing and custody services, as well as BNY Mellon's direct indexing solutions

NEW YORK, March 4, 2024 /PRNewswire/ -- BNY Mellon's Pershing (NYSE: BK), a leading provider of global financial business solutions, announced today it will support Ashton Thomas Securities, an independent broker-dealer and registered investment advisor (RIA) owned by Arax Investment Partners ("Arax"), with clearing and custody solutions. 

Ashton Thomas Securities, formerly called Excel Securities, was acquired by Arax in December 2023 to serve as the hybrid broker-dealer for Ashton Thomas Private Wealth, an Arax advisory firm. Arax is an asset and wealth management platform company backed by private equity firm RedBird Capital Partners that supports RIAs, wealth managers and advisor teams seeking to scale their businesses and expand their client offerings.

As part of the agreement, advisors from Ashton Thomas Securities will also be able to use BNY Mellon Precision Direct Indexing, which is offered by BNY Mellon Investment Management. This customizable investment strategy seeks to match the performance and overall characteristics of various major benchmarks, and can easily be integrated into clients' portfolios.

"Arax is making a name for itself as an attractive partner for high-growth wealth managers, and Pershing is delighted to help support its new broker-dealer and RIA, Ashton Thomas Securities," said Ben Harrison, Head of Wealth Solutions, BNY Mellon's Pershing. "We have a long history working with the firm when it operated as Excel Securities and look forward to providing them with the tools that will help them grow and flourish with Arax. This speaks to our strong client-first mindset and BNY Mellon's 240-year heritage of helping clients achieve their ambitions."

"As we continue to expand and strengthen our wealth management platform, we're excited to be developing a relationship with one of the industry's leading providers of clearing and custody services," said Haig Ariyan, CEO, Arax Investment Partners. "Pershing's technology capabilities and breadth of services it can tap into as part of BNY Mellon make them an ideal collaborator for the broker-dealers and advisors we bring onto our platform."

"We continue to see growing demand for tax management and portfolio customization capabilities from leading wealth management firms for their advisors," said Dave DiPetrillo, Head of North America Distribution, BNY Mellon Investment Management. "Offering the capabilities of BNY Mellon Investment Management through Pershing provides Ashton Thomas Securities' advisors with a compelling direct indexing solution."

ABOUT BNY MELLON
Established in 1784, BNY Mellon is America's oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $47.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of December 31, 2023. BNY Mellon has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

ABOUT BNY MELLON'S PERSHING
BNY Mellon's Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation. Wealth management and institutional firms outsource to us, or one of our affiliates, trading and settlement services, investment solutions, bank and brokerage custody, middle- and back-office support, data insights and business consulting. Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Pershing X, Inc. and BNY Mellon Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on LinkedIn or Twitter @Pershing. 

ABOUT BNY MELLON INVESTMENT MANAGEMENT
BNY Mellon Investment Management is one of the world's largest asset managers, with $2.0 trillion in assets under management as of December 31, 2023. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from seven investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com. 

ABOUT ARAX INVESTMENT PARTNERS
Arax Investment Partners is a rapidly growing, multi-boutique wealth management platform making strategic control investments in best-in-class operating companies in partnership with their founders and management teams. Arax is focused on making strategic investments and supporting RIAs, hybrid wealth managers, and advisor teams seeking a new growth platform to scale their businesses.

Arax enables its partners and affiliates to be entrepreneurial and focus on delivering industry-leading financial services to their clients. Firms within the Arax network benefit from a seasoned management team with a successful track record of scaling wealth platforms, M&A experience, capital sourcing capabilities and company-building expertise backed by a proven investor with an extensive network, RedBird Capital Partners. Our experienced leaders, multi-platform structure and growth equity partnership create a unique advantage for our partners. For more information, please go to www.araxpartners.com.

This Press Release is issued to members of the press and media and the information contained herein should not be construed as investment advice or a recommendation of any investment strategy. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the corporation as a whole or its various subsidiaries generally.

ARAX Investment Partners and BNY Mellon are unaffiliated entities.

Contact Information

BNY Mellon's Pershing
Liz Ozaist
347-528-3559
[email protected]

BNY Mellon Investment Management
Anneliese Diedrichs
+44 7930-135-524
[email protected]

Arax Investment Partners
Dan Gagnier
Gagnier Communications
646-569-5897
[email protected]

SOURCE Pershing, LLC