The Bank of New York Mellon has launched Alts Bridge, a new software to help wealthy clients and advisers access alternative investments from more than 20 hedge funds and asset managers.
Josh Harris’ 26 North, Apollo Global Management, Blue Owl Capital, Goldman Sachs, GoldenTree, Franklin Templeton, Invesco, Carlyle, KKR and Partners Group are among the financial giants participating in Alts Bridge. Investment opportunities across private equity, credit, infrastructure and other alternative funds will be made available to BNY clients.
Alts Bridge is currently available to BNY Pershing clients but is expected to expand availability to U.S. registered investment advisers (RIAs) and independent broker-dealers (IBDs) by this fall.
"We consistently hear from advisers that they want to allocate more to alternatives and private markets but are limited by operational complexity and significant additional resource requirements,” David Moss, head of Alts Bridge at BNY, said in a statement. "For advisers, we are making alternatives easier. And for asset managers, Alts Bridge delivers scalable, efficient access to the growing wealth channel."
BNY’s Alts Bridge follows a similar program that BlackRock launched last week with Partners Group to boost alternative-investment access for clients.