BNY Pershing Dismantled Its Wove Wealth Platform
The firm is folding components of the Wove platform into its broader wealth solutions business stack.
Updated on Sept. 29, 2026 in Investing
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BNY Pershing has moved to dismantle its Wove wealth management platform, which it launched in 2023. The firm is now integrating the technology into its wider wealth solutions business to provide a unified managed accounts offering.
Why it matters
The shift aims to modernize the firm's clearing and custody systems while offering a cohesive suite of services to clients. By consolidating its tech stack, the bank intends to streamline operations and improve the overall investor experience.
The firm's strategic pivot follows the 2024 acquisition of Archer Managed Account Solutions. Adam Vos now oversees the integration, drawing on his 12-year tenure at Deutsche Bank to align the platform with core custodial services.
The players
BNY Pershing
This financial services company is a subsidiary of BNY that provides clearing and custody solutions to wealth managers.
Adam Vos
He is the executive overseeing the integration of the Wove technology components into the company's broader wealth solutions division.
Ainslie Simmonds
She was a high-level executive at the bank who departed the organization in June 2026.
TIAA
This is one of the financial institutions that had previously implemented the Wove platform for its wealth management operations.
The details
BNY Pershing is focused on enhancing API integrations and updating its clearing systems to support the new wealth solutions stack. Firms including TIAA, Sanctuary Wealth, and Steward Partners had previously implemented the Wove platform.
Timeline
The Wove platform was officially launched in 2023.
BNY acquired Archer Managed Account Solutions in 2024.
An executive reshuffle was announced in January 2026.
Ainslie Simmonds departed the firm in June 2026.
Market Dynamics
This move reflects a broader trend of financial institutions consolidating disparate digital tools into centralized, high-efficiency custody systems. It positions BNY Pershing to compete more effectively against modern fintech-driven wealth management platforms.
Advisors and clients currently using Wove should prepare for potential migration updates as the firm merges these capabilities into its primary wealth solutions. This consolidation aims to provide a more stable and feature-rich environment for managing accounts in the long term.
The takeaway
Firms often pivot their digital strategies by folding specialized platforms into larger, more resilient custodial infrastructure. Investors should look for improved service stability and deeper integration features as these legacy systems are sunsetted.
Further reading
For more information on the current state of the wealth management sector, visit Investing.
Source note: This article includes information reported by WealthManagement.
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