NU Online News Service, Nov. 4, 2003, 5:32 p.m. EST – Lockwood Advisors Inc., Malvern, Pa., a subsidiary of The Bank of New York Company Inc., New York, has launched a mutual fund supermarket for financial advisors.
Financial advisors have to pay transaction fees to put money in 7,000 of the funds, but 1,400 of the funds have no transaction fees.
Lockwood is introducing the supermarket to reduce its reliance on selling separately managed accounts. Since early May, the firm has introduced several new products, including a group of registered hedge funds, a mortgage origination service, a passive municipal fixed-income fund, a mutual fund wrap program and an overlay separate account program.
Lockwood is offering two fund supermarket service levels.