NU Online News Service, Oct. 7, 2003, 4:54 p.m. EST – Lockwood Advisors Inc., Malvern, Pa., a subsidiary of The Bank of New York Company Inc., New York, has started an Overlay Separate Account Portfolio program for independent financial advisors.

The program is Lockwood’s first separate account product that offers a choice of more than one investment style, Lockwood says.

Lockwood’s Investment Advisory Services group will be the program portfolio manager, and Parametric Portfolio Associates, Seattle, will handle overlay management.

Lockwood will offer five investment strategies: Current Income, Growth & Income, Conservative Growth, Moderate Growth and Growth.

Advisors can use the Web to generate Lockwood overlay program proposals and track the performance of Lockwood overlay portfolios, Lockwood says.