09/09/03
Firm Will Serve as Portfolio Manager, Fiduciary
MALVERN, PA, September 9, 2003 - Lockwood Advisors, Inc., a subsidiary of The Bank of New York Company, Inc., today announced the addition of a mutual fund wrap program to its expanded wealth advisory platform for independent financial advisors.
The new program effectively lowers the threshold for investors to access Lockwood’s highly regarded complex of capital markets and money manager research. It will be available at an initial investment level of $25,000, and advisors will be able to use Lockwood’s web-enabled platform to generate proposals and paperwork, and to track the status and performance of portfolios on-line.
In announcing the program, Christopher W. Tomecek, president of Lockwood Advisors, said, "Until we developed this program, our research was applied primarily to the separately managed accounts that have been our hallmark. Now, we have taken one of the major strengths of our firm and leveraged its applicability to a much broader market."
The firm’s Investment Advisory Services Group will serve as portfolio manager on the program, which is driven by the Lockwood Investment Strategies, a proprietary research model that provides asset allocation and fund or money manager recommendations across the risk/return spectrum. Derived from Lockwood’s capital markets analysis and integrated with its money manager research, the Lockwood Investment Strategies are long-term macro-strategies that combine asset allocation, style allocation and tax-management advice for investors with different risk/return objectives. Currently, Lockwood has five recommended Investment Strategies: Current Income, Growth & Income, Conservative Growth, Moderate Growth and Growth.
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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