08/19/03
Firm Continues Roll-Out of New Products and Services
MALVERN, PA, August 19, 2003 - Lockwood Advisors, Inc., a subsidiary of The Bank of New York Company, Inc., announced today that it has added a passive, municipal-bond investment product to its menu of wealth advisory products and services.
Through the trading desk at BNY Capital Markets, advisors can now structure portfolios of high-quality municipal bonds of varying maturities. These portfolios will provide clients with many of the advantages of active bond management and pricing benefits unavailable to smaller bond buyers, as well as fee advantages relative to actively managed fixed-income accounts.
Christopher W. Tomecek, president of Lockwood Advisors, Inc., said, "These portfolios give individuals an attractive alternative for managing their fixed-income investments by blending the buying power and expertise of BNY Capital Markets with the tax-management potential of municipal bonds and the independent advisor’s understanding of each client’s needs. It also gives advisors who are seeking cost-effective implementation of smaller fixed-income allocations a new opportunity, since at a $250,000 minimum investment level, they have access to institutional buying power, breadth of selection and economies of scale in the muni bond market. They can create highly customized bond portfolios designed to optimize each client’s fixed-income holdings."
The passive municipal fixed-income portfolio is the most recent in a series of new products that Lockwood has introduced to its independent advisor clients over the past two months as part of its strategic plan to expand its product menu beyond separately managed accounts. Since early May, the firm has introduced several new products, including a suite of registered hedge funds, a mortgage origination capability, a mutual fund wrap program, a mutual fund supermarket and an overlay separate account program.
Lockwood Advisors, founded in 1995, offers investment research, managed money services, product access and portfolio performance reporting to investors through independent advisors, and specializes in serving the needs of individuals with taxable pools of assets. Lockwood Advisors, an SEC registered Investment Advisor, is a wholly owned subsidiary of The Bank of New York Company, Inc.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
| « Back to Press Releases |
