Lockwood Advisors introduced the last phase of its product expansion Tuesday – a mutual fund access program that closely mirrors that of separately managed accounts (SMAs).

Of the 8,400 funds available in its new program, Lockwood, a subsidiary of the Bank of New York, will include 1,400 no-transaction-fee funds. Normally known for its SMA work, Lockwood’s newest creation is the latest in an effort to branch itself into the fund industry.

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