The Bank of New York Mellon Corporation (BNY) has partnered with iCapital to offer an integrated service through BNY Pershing’s Wove and BNY’s Alts Bridge platforms.
Following an alternative investment experience for BNY Pershing clients who access iCapital through Wove, the partnership aims to provide access to investment services and support growth across alternative asset managers and the wealth channel.
Alternative investment solutions
Through the collaboration, clients and shared clients will have access to funds managed and operated by iCapital delivered by Alts Bridge and iCapital upon integration. They will also get access to iCapital’s range of investment tools from Wove. Wealth advisors will be able to manage their accounts in Wove across alternative and traditional holdings.
The two companies share a common mission to unlock access for advisors to alternatives and private markets by providing a simpler experience and a more complete set of investment options. iCapital, together with Alts Bridge and Wove, will design a unique user journey to help advisors offer the investment solutions their clients demand and need.
iCapital looks forward to the alliance with BNY, saying that the new solution supports financial advisors to scale their access to alternative investments. Accessing their solution, clients will leverage automation, transparency, and efficiency in management, allowing advisors to focus on helping their clients achieve their financial goals.
This initiative follows BNY’s partnership with OpenAI to upgrade its proprietary enterprise AI platform, Eliza, and scale AI-driven solutions across its global operations. Eliza serves as BNY’s AI platform and is designed to improve client service and company operations while driving cultural transformation. It supports BNY’s employees with AI capabilities, optimising workflow and fostering innovation across the bank with a better governance network. All employees have access to the Eliza platform, with more than 50% using it regularly and 15% of those being proficient enough to build agents of their own. BNY has approximately 40 AI-enabled solutions in production at the moment, operating for predictive analytics, automation, anomaly detection, and better access to information.
