Lockwood Introduces Program
Lockwood Advisors Inc., a subsidiary of The Bank of New York Co. Inc., has started an Overlay Separate Account Portfolio (OSAP) program for independent financial advisors and their advisory clients. The new offering is Lockwood‚s entry into the multiple-style, or multi-disciplinary, separate account arena and expands the managed money component of Lockwood‚s wealth advisory product menu.
Lockwood‚s Investment Advisory Services group will serve as portfolio manager for the program, which is driven by the firm‚s proprietary Investment Strategies research model, which provides asset allocation and investment vehicle recommendations. Currently, the model includes five recommended investment strategies: current income, growth and income, conservative growth, moderate growth and growth. Lockwood has retained Parametric Portfolio Associates to perform the overlay function. The program includes automatic account rebalancing and monitoring of buys and sells across the portfolio to promote overall tax-efficiency.
The minimum investment for the program is $250,000. For more information on Lockwood, visit www.lockwoodadvisors.com.
DST Vision Adds Choices
DST Vision, an account management Web site for financial intermediaries, has added a 529 Plan, three fund families and a variable annuity company.
Customer account information for State Street Corp.‚s The Education Plan is now available to independent advisors and broker-dealers. ING‚s variable annuity company and GAM's family of mutual funds also were added recently. Ivy Funds and Advantus now are available as a result of new business relationships with Waddell & Reed, a current Vision participant. The GAM Funds, the Ivy Funds and Advantus are all former AdvisorCentral clients.
Vision offers customer account information from more than 260 mutual fund and variable annuity companies. For more information, visit www.dstvision.com.
Fidelity Closes Fund
Fidelity Investments closed its Low-Priced Stock Fund to new accounts on December 31. The fund seeks capital appreciation by normally investing at least 80% of its assets in stocks priced at or below $35 per share. Joel C. Tillinghast has managed the fund since its inception in 1989.
The company is closing the fund to allow Tillinghast to make investment choices without the pressure of heavy cash inflows. Assets grew by 66% last year. For more information about Fidelity, visit www.fidelity.com.