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Portfolio > Economy & Markets > Fixed Income

Wrap Product Guarantees Managed Account Income

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The Phoenix Companies Inc. is helping an investment manager give wealthy clients a tool for generating retirement income from custom-designed investment accounts.

PHL Variable Insurance Company, an insurance company subsidiary of Phoenix, Hartford, will be putting some managed accounts at Lockwood Capital Management Inc., Malvern, Pa., into a Guaranteed Retirement Income Solutions wrapper.

Lockwood Capital clients who stick with the firm’s Lockwood Investment Strategies Longevity Income Solutions asset allocation program can use the GRIS income guarantee income to guarantee that their incomes will generate lifetime income streams starting when the clients reach age 65, or when the clients reach some later age, Phoenix says.

To qualify for the guarantee, Lockwood Capital investors who use the Longevity Income Solutions program with the GRIS guarantee must comply with withdrawal limits, Phoenix says.

The typical annual income stream available through the program will be equal to 5% of the initial Longevity Income Solutions account value, Phoenix says.

PHL Variable Insurance is responsible for backing the product guarantees.

Lockwood Capital is an affiliate of a subsidiary of the Bank of New York Mellon Corp., New York.


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