Investment News writes "​Cash is king at Pershing", saying, "The firms' allocations to money market funds and other cash products have soared over the past year, reaching 15% of the $​948 billion assets Pershing holds in custody globally, said Brian Shea, president and chief operating officer of the Jersey City, N.​J.-​based firm." The weekly publication quoted Shea at a client conference, "Pershing has seen growth in the money market fund business over the past two to three years, but the pace of the shift to cash products began to accelerate rapidly last August."

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