The Bank of New York Company Inc.’s Pershing Unit Surpasses $1 Billion in Discretionary Unified Managed Account Programs
Lockwood Investment Strategies and Lockwood Asset Allocation Portfolios Grow to Meet Client DemandMALVERN, PA, June 5, 2007 -- Pershing LLC, a subsidiary of The Bank of New York Company, Inc., announced today that the discretionary unified managed account programs offered through its affiliate Lockwood Financial Services, Inc. have surpassed $1 billion in assets under management.
The programs, Lockwood Investment Strategies and Lockwood Asset Allocation Portfolios, provide advisors with a selection of professionally managed portfolios designed to meet a wide variety of investor objectives.
Len Reinhart, president of Lockwood Financial Services, Inc., said, "We have grown and evolved along with our clients to meet their objectives and expectations. Advisors are looking for products that meet the challenges of both accumulation for, and distribution in, retirement. Topping the
Don Robinson, chief investment officer of Lockwood Financial Services, Inc., added, "Our growth represents the successful implementation of our investment approach, which is diversified, multi-asset class and seeks to deliver superior risk-adjusted performance over multi-year time horizons. We will continue to evolve our time-tested process to take advantage of new investment opportunities as they become available."
With a $250,000 portfolio minimum, Lockwood Investment Strategies offers access to individual securities, exchange-traded funds and mutual funds across multiple asset classes, including U.S. equities, U.S. fixed income, non-U.S. equities, emerging markets and alternative investments. Lockwood Asset Allocation Portfolios utilizes mutual funds and exchange-traded funds and requires a minimum investment of $25,000.
Founded in 1995, Lockwood Financial Services, Inc. is headquartered in Malvern, Pennsylvania, and offers discretionary portfolio management solutions to investors through financial institutions and independent financial advisors. Lockwood Financial Services, Inc., an SEC Registered Investment Adviser, is an affiliate of
Pershing LLC is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to service excellence and to providing dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions and practice management support. Pershing (member NASD/NYSE/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Company, Inc. Additional information is available at www.pershing.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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