By integrating Lockwood Financial Services and its Pershing unit into one separately managed account platform, Bank of New York claims that it will be able to increase distribution and launch the next generation of these products.

The banking company announced late last month that the new platform, to be called Pershing Managed Account Services, will create one of the largest managed account programs, with $18 billion of assets. It will try to increase distribution through banks, independent broker/dealers and registered investment advisers.

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