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Money Management Executive

Lockwood Creates Fund Supermarket

November 05, 2003, 1:00 a.m. EST 1 Min Read

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.

"We built this supermarket approach so that independent financial advisers can position their clients’ mutual fund holdings on the same platform and reporting system as their separate account portfolios," said Lockwood President Christopher W. Tomecek.

Lockwood, founded in 1995, prides itself on individuals with taxable assets. One of the advantages of the new program, according to Tomecek, is the maneuverability financial advisers will have once clients’ assets grow and expand into more tax-efficient investment programs.

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Money Management Executive
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