Thought Leadership

Press Release: Private Banking Solutions for HNW Clients

By Peter Ostberg

Tocqueville Asset Management L.P. has available Private Banking solutions for High Net Worth clients through BNY Mellon

NEW YORK, NY–Tocqueville Asset Management L.P. (“Tocqueville”), privately owned investment manager, has expanded its relationship with Pershing, and its parent company The Bank of New York Mellon Corporation (“BNY Mellon”), to make Private Banking services available to Tocqueville’s wealth management clients whose assets are custodied with Pershing LLC. The services include credit and lending solutions that were previously only available to BNY Mellon Wealth Management clients.

BNY Mellon’s Private Banking services available to Tocqueville clientele include the Investment Credit Line (ICL) which is structured for financing needs of $1 million or more. The ICL is a flexible line-of-credit that provides a convenient source of borrowing for personal or business needs, such as major purchases, unexpected expenses, tax obligations or investment opportunities. With competitive, LIBOR-based pricing, no minimum draw or pre-payment penalties and interest charged only on the amount borrowed, the ICL is a cost-effective alternative to selling assets, depleting cash reserves, or borrowing – against securities through a margin account.

“Rather than liquidating securities, our clients can utilize an ICL and potentially avoid incurring capital gains taxes all while keeping their long-term investment strategies intact,” said Robert Kleinschmidt, President, CEO and CIO of Tocqueville, who recently utilized the same strategy for one of his clients.

Also available from BNY Mellon, N.A. are a broad range of custom-tailored mortgage solutions including adjustable-rate and fixed-rate residential mortgages available nationwide for single-family homes, condos and co-ops. Our clients have access to flexible programs and options from construction financing, 100% financing with the pledge of qualified assets in lieu of a cash down payment, and hybrid mortgages—often closing within 30 days. As an experienced portfolio lender, BNY Mellon provides clients with benefits such as insulation from secondary market guidelines and restrictions and customized solutions tailored to their distinct liquidity needs.

“We are very pleased to have expanded our relationship with BNY Mellon to offer our clients financing options that do not disrupt their investment strategies or require them to liquidate securities at inopportune times. Several of our own managers have vetted the lending services of BNY Mellon and enjoyed success in meeting short-term liquidity needs.”-Robert Kramer, COO, Tocqueville Asset Management.

*Mortgage and credit services, provided by BNY Mellon, N.A., are subject to credit approval.

June 2, 2015

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