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Article: Pershing's push for advisers doesn't worry competitors; Response to Tibergien's hiring is guarded.(News)
- Article from:
- Investment News
- Article date:
- September 17, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Brooke Southall
By and large, big asset custodians are unfazed by any advantages Pershing LLC may have gained by hiring well-known financial services consultant Mark Tibergien to take over as chief executive of its advisory unit.
While nabbing him will allow Pershing to compete more aggressively for the business of providing asset custody services to fee-based investment advisers, such rivals as Fidelity Investments, Schwab Institutional and TD Ameritrade Institutional are confident that they can withstand any advances made by Pershing Advisor Solutions LLC.
Indeed, Mr. Tibergien's arrival doesn't worry the division of TD Ameritrade ...