Independent financial advisers dealing with Lockwood Advisors, a subsidiary of the Bank of New York, were introduced to a new product Tuesday when the company announced the launch of an Overlay Separate Account Portfolio (OSAP) program designed to help both advisers and their clients.

Serving as a portfolio manager for the program will be Lockwood’s Investment Advisory Services, which will help steer the independent financial advisers toward more specific decisions by utilizing Lockwood’s Web-enabled platform to help with proposals, paperwork and performance tracking.

Lockwood President Christopher W. Tomecek said, "OSAP fills a critical niche for advisers 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."

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