Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:BONY Makes SMA Splash Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 1, 2002

BONY Makes SMA Splash

by: Sean Hanna, Editor in Chief

The Bank of New York (BONY) is jumping into the separately managed account business with both feet. The New York City-based firm today said it has inked deals to purchase both LFG, Inc., the parent of Lockwood Financial and EMAT.

Both transactions are subject to regulatory approval. BONY did not release terms for either transaction.

Leonard A. Reinhart founded Lockwood (Malvern, Pennsylvania) in 1995 and co-founded EMAT in 1999. Since that time Lockwood has grown into the leading non-wirehouse provider of managed accounts catering to independent financial advisors. It claims to handle $7.6 billion of assets through its platform. Its acquisition may mark a maturing of the burgeoning managed account marketplace.

"Lockwood is the premier provider of managed account services to the independent advisor marketplace," said Gerald L. Hassell, president of The Bank of New York, in a prepared statement. "Their acknowledged expertise and reputation for unbiased advice will be valuable additions to the broad spectrum of products and services that The Bank of New York offers. Lockwood brings important strengths to our firm. The synergies we will generate by combining their expertise and ours will enable us to offer this growing marketplace a richer and expanded array of services."

"We were looking for a way to take Lockwood to the next level and believe we have found it with The Bank of New York," explained Reinhart. "Our commitment to excellence and objectivity fits right in with the Bank's core values. This partnership will ensure that, going forward, our operational infrastructure and suite of service offerings will remain the industry standard."

Reinhart co-founded EMAT with Jay N. Whipple III. EMAT is also located in Malvern, Pennsylvania and provides technology to managed account platforms and money managers. Whipple also owned Security APL, the leading platform software provider, before that company was purchased by Checkfree.

EMAT now claims more than 140 money manager clients

"EMAT is clearly the premier provider of managed account processing technologies, serving a market that we believe will grow exponentially over the next decade," said Gerald L. Hassell, president of The Bank of New York. "EMAT's known capabilities will both complement and expand our existing strengths in serving our institutional client base. The addition of EMAT's systems and capabilities to our account servicing platform will create an operational engine that covers the entire spectrum of managed money alternatives, enabling us to service the broadest possible client base." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use