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

Bank of New York Mellon Corp. is expanding further into the fast-growing retail wealth market by acquiring the Archer technology firm to handle infrastructure and distribution of managed accounts to financial advisers and their clients.

The acquisition of Berwyn, Pennsylvania-based Archer will also help BNY market its own investment strategies and custody bank business, according to a statement Thursday. The deal is expected to be completed in the fourth quarter, pending regulatory approval. Terms weren’t disclosed.

“Managed accounts — and very specifically retail-managed accounts — are one of the fastest-growing products in the asset-management industry,” Emily Portney, BNY’s global ...