Bank of New York Mellon company taps Finetre for hybrid investment program. Clearing firm Pershing has hired Steve Dunlap to take charge of operations and technology for its separately managed account (SMA) platforms.

Dunlap reports to Jim Seuffert, CEO of Pershing's Managed Account Solutions (MAS) unit.

"Our introducing broker-dealer and independent registered investment advisor customers continue to express strong demand for scalable, high-quality [SMA] solutions and services," says Seuffert. "Steve's extensive product-management, business-development and technology experience, coupled with his broad knowledge of the financial-service industry, will help us grow our business and extend our market-leading position in the [SMA] market."

MAD MAN

Dunlap comes to Pershing from Finetre (now part of Herndon, Va.-based ExibExchange), a life-insurance and annuity transaction-processing provider, where he was president. Before that he was an executive v.p. at Thomson Financial.

Pershing's MAS consists of two programs: "Managed Account Direct" (MAD) and "Managed Account Network" (MAN).

MAD, launched in May 2007, is available to registered reps affiliated with broker-dealers than clear through Pershing. MAN, launched in June 2006, is associated with Pershing's RIA custody business. Both programs feature SMAs from third-party providers including Pershing's Lockwood Advisors subsidiary.

Before these MAD and MAN got off the ground, Lockwood's SMA platform was the only one Pershing offered.

Jersey City, N.J.-based Pershing is a subsidiary of Bank of New York Mellon. -FWR

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