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.

BNY has agreed to buy Archer, a technology and operations provider that will help the U.S. bank expand its services to asset and wealth managers, the companies said on Thursday. BNY and Archer did not disclose the deal value.

BNY is buying Archer, a leading provider of managed account technology, as the global bank seeks to capitalise on the rush into personalised investing strategies. The newly rebranded bank plans to use Archer’s technology for its own investing arm as well as sell it to asset manager clients who want to expand beyond pooled funds to individually tailored portfolios of securities,