11/04/03
Offering Caps Roll-Out of New Products and Services
MALVERN, PA, November 4, 2003 - Lockwood Advisors, Inc., a subsidiary of The Bank of New York Company, Inc., announced today that it has launched a mutual fund access program that includes 1,400 NTF (no transaction fee) funds and more than 7,000 transaction fee funds. The new program completes the managed money component of Lockwood’s current expansion of its wealth advisory product menu.
Advisors can elect to use the program at either of two service levels - the Fund Access level or the Fund Access Plus level. The Fund Access level provides access to the funds, auto-processing of the advisor’s fee and an on-line order-entry application. At the Fund Access Plus level, Lockwood includes the accounts on its web-based Advisor Workstation and provides consolidated performance reporting.
Christopher W. Tomecek, president of Lockwood Advisors, Inc., said, "We built this ‘supermarket’ approach so that independent financial advisors can position their clients’ mutual fund holdings on the same platform and reporting system as their separate account portfolios. Often, the smaller components of a diversified portfolio are better served by using mutual funds for implementation, and the breadth of selection in our supermarket gives advisors virtually limitless choice in which funds they elect to use for those smaller components. Because advisors can tap into this large universe of funds at each fund’s investment minimum, the target market for this product is enormous. Advisors can use the supermarket for their smaller accounts, and as the portfolios mature, migrate their clients into more customized, tax-efficient vehicles without moving them to a different platform."
This new offering is part of Lockwood’s 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 passive municipal fixed-income product, a mutual fund wrap program 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.
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