Pershing, a subsidiary of BNY Mellon, is set to launch a daughter company in the Channel Islands with an office in St Helier, Jersey. 

The venture is described by the firm as a response to increased demand for access to both onshore and offshore investment opportunities through the same financial services provider.

Subject to regulatory approval, the firm expects to open the new office in the UK Crown Dependency later this year.

Pershing's European arm has up till now operated from within the UK and Ireland.

“We chose Jersey as the best place for our Channel Islands solution because of its reputation as a well-regulated offshore jurisdiction,” said Charles van der Merwe, chief executive officer at Pershing.