10/22/03
Combination of Pershing and Lockwood Creates an Industry Leader
NEW YORK, N.Y., October 22, 2003 - The Bank of New York announced today its plan to integrate Lockwood Financial Services, Inc. into Pershing, creating one of the largest providers of managed account programs with client assets totaling nearly $18 billion. Pershing, a leading global provider of clearing and financial outsourcing solutions, was acquired by The Bank of New York on May 1. Lockwood, a leading provider of separately managed account services for independent financial advisors, was acquired by The Bank of New York in October 2002.
The combination of the Pershing and Lockwood businesses will result in a more powerful set of solutions for introducing broker-dealer and registered investment advisor (RIA) customers. Lockwood’s managed account solutions will be made available on the Pershing platform and accessible alongside the leading managed account providers in Pershing’s Managed Account Exchangetm. Pershing’s customers will have access to Lockwood’s powerful, interactive sales and prospecting tools, extensive research reporting and portfolio manager analytics, and the ability to access multiple managed account programs while consolidating client assets on one platform. In addition, Lockwood’s RIA customers will have access to the comprehensive outsourcing solutions available through Pershing, including access to state-of-the-art compliance control systems, and the ability to deliver consolidated brokerage account statements to their clients.
"Pershing and Lockwood have complementary businesses that, when combined, bring together unique strengths," said Joseph M. Velli, senior executive vice president of The Bank of New York and head of BNY Securities Group. "The addition of Lockwood’s managed account offerings to the Pershing platform enables us to provide a more comprehensive set of managed account solutions. Lockwood clients will recognize significant benefits, including a broader array of products and services and the operational leverage of having their managed money and retail accounts on a single platform."
Richard F. Brueckner, chief executive officer of Pershing, said, "The combination of Lockwood and Pershing creates a powerful force in the managed account marketplace. This move underscores our commitment to delivering leading-edge products and services to our customers and their clients."
"The alignment of Pershing and Lockwood offers significant benefits for our customers," said Leonard A. Reinhart, founder and chairman of Lockwood. "By combining the best features of our individual products, we will be able to offer a unique selection of turnkey and private label products and services."
Pershing is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and investment advisors who collectively represent 5 million individual investors. Located in 18 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of BNY Securities Group and a subsidiary of The Bank of New York. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.
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.
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