Lockwood to Launch Online Muni-Buying Service for FAs

Fine, Jacob
May 2003
Bond Buyer;5/9/2003, Vol. 344 Issue 31632, p6
Trade Publication
Lockwood AdvisorsInc. plans to offer an internet-based portfolio construction tool to independent financial advisers that will allow them to buy municipal bonds for their clients on the open market through BNY Capital Markets Inc. Lockwood plans to begin the service on June 1.Lockwood will charge fees based on account size, which start at 20 basis points on purchases for accounts under$ 2 million and run as low as five basis points for accounts over$ 3 million.Those fees are low by industry standards, Tomecek(president Christopher W. Tomecek) said.In conjunction with the new muni tool, the firm will also begin offering a mutual fund supermarket and wrap product, no-load hedge funds, mortgage origination, and collateralized lending services.


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