BNY to Buy Archer Platform as Part of Push Into Retail Wealth

Published on September 5, 2024

The acquisition of Archer will help BNY Mellon handle the infrastructure and distribution of managed accounts to financial advisors and their clients.

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Jane Street Group LLC and Citadel Securities are on a tear. First-half revenue at the two predominantly electronic market makers grew about 80% compared with the first six months of 2023, according to Bloomberg News. That’s enough to make traditional Wall Street executives green with envy — but these upstarts aren’t going to completely devour the old guards’ lunch.