Pershing Fixed Income Trading Aligns with BNY Mellon Capital Markets, LLC

Message from Brian Shea and Ron DeCicco

Pershing Fixed Income Trading Aligns with BNY Mellon Capital Markets, LLC

Our industry continues to work through a period of historic economic, political and regulatory change, creating new challenges and opportunities for all of us. With this in mind, Pershing continues to seek new, innovative ways to collaborate across the BNY Mellon enterprise to create more value for you and your clients.

You may recall that last year we announced that Lockwood Advisors, Inc. would leverage the investment management expertise of BNY Mellon, enabling us to draw on the best of BNY Mellon’s investment research and portfolio management processes in Lockwood-advised managed accounts. This year, Pershing’s fixed income trading team is working with BNY Mellon Capital Markets, LLC, a wholly owned broker-dealer subsidiary of BNY Mellon, to align our fixed income trading capabilities and increase your access to new and secondary fixed income market investment choices. Pending approval by the Financial Industry Regulatory Authority®, we expect to complete this alignment by April 2, 2012.

This alignment will add scale, increase liquidity and expand the fixed income product offerings available to your firm and your clients. For your firm, the change will be seamless. There will be no changes to the technology platform or in the sales associates and service teams that support your business. Furthermore, your transactions will be processed in the same way, and Pershing will remain your counterparty—whether you leverage our capabilities through NetX360® or one of our specialized trading desks. Providing your firm with the highest level of service remains our top priority.

The Pershing fixed income trading alignment with BNY Mellon Capital Markets is another example of how Pershing draws on the broader BNY Mellon enterprise for your benefit. We will continue to explore opportunities to further enhance value for your firm, help you compete more effectively and better serve your clients’ investment needs.

Thank you for your continuing support and loyalty to Pershing.