NU Online News Service, Jan. 4, 2005, 4:10 p.m. EST

Park Avenue Securities L.L.C., New York, is basing a new asset-management program on Exchange Traded Funds.[@@]

Money managers at Park Avenue, a unit of Guardian Life Insurance Company of America, New York, will allocate customer assets but cut customer costs by using ETFs, Park Avenue says.

ETFs are funds that trade as stocks do and invest in baskets of securities that mirror the performance of particular stock indices, asset classes or market sectors.