# Pershing sunsets Wove platform after Simmonds exits during BNY restructuring

URL: https://www.financialadvsr.com/article/pershing-sunsets-wove-platform-after-simmonds-exits-during-bny-b71a6b
Published: October 10, 2026
By: Nora Kessler, Practice & Technology Correspondent
Section: News
Publisher: Financial ADVSR (https://www.financialadvsr.com)

RIABiz reports BNY's Pershing sunset its Wove technology platform on September 30, after the June departure of Pershing X president Ainslee Simmonds and a leadership reshuffle that placed Adam Vos in charge.

BNY's Pershing has shut down Wove, the multicustodial technology platform it introduced in 2023, according to RIABiz. The outlet reported that management sunset the platform on September 30, following the departure of Ainslee Simmonds, who served as president of Pershing X. RIABiz describes Pershing as the No. 3 RIA custodian and says the episode raises questions about the unit's direction as Adam Vos takes on the task of resetting it.

According to RIABiz, which cited sources close to Pershing, employees were told in June that Simmonds had decided to step down to devote more time and attention to her family in Canada. She had spent nearly five years at BNY and held the titles of President of Pershing X and Global Head of Product, the outlet reported. WealthManagement.com described Pershing X as a start-up unit within BNY charged with creating new products.

Wove was unveiled in 2023 at Pershing's annual Insite conference, and WealthManagement.com reported that Simmonds spearheaded it. The platform was described in coverage as a multicustodial system with core applications for data reporting and analytics, AI-enabled financial plan building, billing, and cross-custodian trading and rebalancing, with integrated workflows run through a central operating system.

BNY declined to say how many advisors use Wove, WealthTech Strategy reported. The same outlet noted that firms on record as implementing it include TIAA, Sanctuary Wealth and Steward Partners. Which of those firms will need to change tools, and on what timeline, is not addressed in the material reviewed for this article.

On direction, Yahoo Finance reported that BNY Pershing is dismantling Wove in order to bring its best components into the custodian's larger wealth solutions business. RIABiz tied the change to a corporate strategy moving toward a One BNY model that integrates institutional capabilities and managed account solutions.

Vos took over BNY Pershing and Wove this year in the newly created role of global head of wealth solutions, WealthManagement.com reported. The role also includes leading Archer Managed Account Solutions, a managed accounts technology provider that BNY acquired in 2024. Before that appointment, his most recent role at BNY was global head of markets, a post he reached after joining BNY as global head of FX in 2016. He had previously spent 12 years at Deutsche Bank, where he was head of FX for the Americas.

WealthManagement.com listed his areas of focus as modernizing the clearing and custody stack, enabling easier API-based integrations, providing a unified managed accounts platform, and improving the investor experience. Separately, the outlet reported that BNY is combining BNY Pershing with BNY Archer Managed Account Solutions.

The change follows an executive restructuring that RIABiz dates to last year. It moved former CEO Ben Harrison into a new role as Global Head of Client Coverage. WealthManagement.com reported that Jim Crowley, who had led Pershing since 2023, became executive vice chair with a focus on client relationships across platforms.

Key facts:
- Wove was sunset on September 30, according to RIABiz.
- Wove launched in 2023 at Pershing's Insite conference, per WealthManagement.com.
- Adam Vos is global head of wealth solutions, a newly created role covering BNY Pershing, Wove and Archer Managed Account Solutions, per WealthManagement.com.
- BNY declined to say how many advisors use Wove, WealthTech Strategy reported.

Why it matters: Advisors who built workflows on a custodian-linked technology platform can lose those tools when a parent company reorganizes, so the stability of a vendor's product roadmap is a fair diligence question. Pershing's shift toward a unified managed accounts and custody stack will shape what technology its RIA clients are offered next.

Sources:
- RIABiz: https://riabiz.com/a/2026/10/10/pershing-reveal-of-wove-kerfuffle-during-corporate-restructuring-last-june-raises-questions-about-the-no-3-ria-custodians-direction-the-task-now-lies-with-new-ria-head-adam-vos
- wealthmanagement.com: https://www.wealthmanagement.com/ria-news/bny-pershing-revamping-wove-wealth-platform
- finance.yahoo.com: https://finance.yahoo.com/small-business/articles/bny-pershing-sunsetting-wove-wealth-175757603.html
- wealthmanagement.com: https://www.wealthmanagement.com/ria-news/pershing-x-unveils-new-multicustodial-platform-wove
- wealthtechstrategy.com: https://www.wealthtechstrategy.com/post/bny-pershing-sunsetting-wove-wealth-platform
- wealthmanagement.com: https://www.wealthmanagement.com/career-moves/bny-names-new-pershing-head-in-business-restructuring
- financial-planning.com: https://www.financial-planning.com/news/bny-mellon-pershing-adds-28b-in-net-new-client-assets