The Bank of New York Company, Inc.'s Pershing Unit Introduces Managed Account Direct(TM); Platform Offers Flexibility of Open Architecture With Operational Efficiency of Wrap Program

Managed Account Direct allows experienced professional users ofseparately managed accounts to work with their current portfoliomanagers, have their own in-house research teams and due diligenceprocesses, and outsource day-to-day operational processes. Its widerange of services and offerings, which include account set-up,transition processing, maintenance, money movement, tax managementtools and fee billing, enable RIAs to focus on their clients' needsand best interests.

John Iachello, managing director at Pershing Advisor Solutions,said, "Through Managed Account Direct, Pershing Advisor Solutions isoffering RIAs the best of both worlds. Our scale, size and efficientmanaged account operations enable advisors to access the portfoliomanagers they choose while benefiting from a variable cost structure."

Pershing Advisor Solutions LLC is a leading provider of financialservices outsourcing solutions to independent, fee-based RIAs anddually-registered advisors working in conjunction with Pershing LLC'sintroducing broker-dealer customers. As an affiliate of Pershing LLC,Pershing Advisor Solutions LLC leverages a 65-year heritage ofproviding custodial services and outsourcing solutions to many of theworld's leading financial services organizations. Through aninnovative custody platform, Pershing Advisor Solutions LLC deliverssuperior expertise and scalable and customizable solutions to helpmanage and grow fee-based businesses. Additional information isavailable at www.pershingadvisorsolutions.com.

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,asset management, and private banking. The Company's extensive globalclient base includes a broad range of leading financial institutions,corporations, government entities, endowments and foundations. Itsprincipal subsidiary, The Bank of New York, founded in 1784, is theoldest bank in the United States and has consistently played aprominent role in the evolution of financial markets worldwide.Additional information is available at www.bankofny.com.