10/07/03
Multi-Style Product Further Expands Firm’s Managed Account Menu
MALVERN, PA, October 7, 2003 - Lockwood Advisors, Inc., a subsidiary of The Bank of New York Company, Inc., today announced that it has launched an Overlay Separate Account Portfolio (OSAP) program for independent financial advisors and their advisory clients. The new offering is Lockwood’s entry into the multiple-style, or multi-disciplinary, separate account arena and further expands the managed money component of Lockwood’s wealth advisory product menu.
Lockwood’s Investment Advisory Services group will serve as portfolio manager for the program, which is driven by the firm’s proprietary Investment Strategies, a research model that provides asset allocation and investment vehicle recommendations across the risk/return spectrum. Currently, Lockwood has five recommended Investment Strategies: Current Income, Growth & Income, Conservative Growth, Moderate Growth, and Growth. Lockwood has retained Parametric Portfolio Associates to perform the overlay function. The program includes automatic account rebalancing and monitoring of buys and sells across the portfolio to promote overall tax-efficiency.
Christopher W. Tomecek, president of Lockwood Advisors, Inc., said, "The OSAP capability gives investors another way to access Lockwood’s capital markets and money manager research. Through this program, advisors can position their clients in a single account that is a fully diversified, separate account portfolio at a $250,000 minimum investment level. OSAP fills a critical niche for advisors with clients who need more customization than mutual funds afford, but who are not investing at the asset level required for standard separate account programs."
Advisors who place their clients in the OSAP program can use Lockwood’s web-enabled platform to generate proposals and paperwork and to track the status and performance of the portfolios online.
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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