BNY Acquires Archer to Enhance Services for Asset and Wealth Managers

NEW YORK (Reuters) – BNY has agreed to buy Archer, a technology and operations provider, aimed at expanding the U.S. bank’s services to asset and wealth managers, the companies announced on Thursday.

The deal value has not been disclosed. The transaction is expected to close in the fourth quarter, pending regulatory approval.

This partnership will enable BNY to offer more managed account services through 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.