BNY Mellon to acquire Archer

BNY Mellon has entered into a definitive agreement to acquire Archer, a technology-enabled service provider of managed account solutions to the asset and wealth management industry. Archer provides asset and wealth managers with comprehensive middle- and back-office solutions to address the managed account needs of institutional, private wealth and retail investors. In addition to augmenting BNY’s existing asset servicing capabilities for managed accounts, Archer will provide BNY Investments and BNY Pershing’s Wove wealth platform for advisors with expanded distribution of model portfolios and access to Archer’s multi-custodial network. The transaction is expected to close in Q4, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed. The financial impact of the transaction is not expected to be material to BNY’s earnings and its outlook for capital returns.