The Bank of New York has announced its plan to integrate Lockwood Financial Services, Inc. into Pershing, creating one of the largest providers of managed account programs with client assets totaling nearly $18 billion.
Pershing, which was acquired by The Bank of New York on May 1, is a global provider of clearing and financial outsourcing solutions, while Lockwood, which was acquired by The Bank of New York in October 2003, provides separately managed account services for independent financial advisors. The combination of the Pershing and Lockwood businesses is expected to assist in the introductions of broker-dealers and registered investment advisor (RIA) customers.
“Pershing and Lockwood have complementary businesses that, when combined, bring together unique strengths,” said Joseph M. Velli, senior executive vice president of The Bank of New York and head of BNY Securities Group. “The addition of Lockwood’s managed account offerings to the Pershing platform enables us to provide a more comprehensive set of
managed
account
solutions.
Lockwood clients will recognize significant benefits, including a broader array of products and services and the operational leverage of having their managed money and retail accounts on a single platform.”
Richard F. Brueckner, chief executive officer of Pershing, said, “The combination of Lockwood and Pershing creates a powerful force in the managed account marketplace. This move underscores our commitment to delivering leading-edge products and services to our customers and their clients.”
“The alignment of Pershing and Lockwood offers significant benefits for our customers,” said Leonard A. Reinhart, founder and chairman of Lockwood. “By combining the best features of our individual products, we will be able to offer a unique selection of turnkey and private label products and services.”