Pershing RIA sales bigwig exits

Paul Wichman, the former national sales manager of Pershing Advisor Solutions LLC of Jersey City, N.J., left the firm this month amid a broad cost-cutting effort at parent company Bank of New York Mellon Corp. Mr. Wichman, a managing director, was recruited in 2004 from The Charles Schwab Corp. in San Francisco to help Bank of New York Mellon subsidiary Pershing LLC of Jersey City, N.J., expand its core correspondent clearing business by offering custodial services to the registered investment advisory channel. He initially ran all sales efforts with the heads of strategic sales, wealth management, technology, asset management and product development reporting to him, according to his profile on the business networking website LinkedIn. Since early 2008, Mr. Wichman oversaw client relationships in Pershing’s 110-person “customer experience group,” according to the profile. Reached at his New Jersey home Wednesday, he confirmed he had left the company but declined to comment further. A person in the “customer experience” group said at least five people were laid off from the unit in recent weeks. Separately, T.J. Gilsenan, another Schwab veteran who once ran Pershing Advisor Solutions’ strategic-sales area, also has left the company, according to a person who answered his phone at Pershing. He could not be reached for comment. Mark Tibergien, chief executive of Pershing’s advisory businesses, said that some employees were “unfortunately” let go as part of an across-the-board plan at Bank of New York Mellon to cut 4% of its staff and also as part of his efforts to restructure management. “New management and economic circumstances tends to change the lineup,” he said in a phone interview. Mr. Tibergien declined to discuss specific individuals. He joined Pershing in October 2007 and last year hired Jim Dario from Boston-based Fidelity Investments to run the relationship management and business development units. Mr. Wichman has been featured in a recent Pershing advertising campaign that depicts him standing in a business suit atop a scenic mountain, with the description: “21-year industry veteran” and “30-year mountaineer” who can marshal investment solutions to keep RIAs in peak condition. “Paul Wichman understands the importance of every move he makes,” the ad states, “whether scaling the north face or overseeing the seamless integration of customized investment solutions.” For an expanded version of this story, see the Feb. 23 issue of InvestmentNews.