Lockwood Advisors is expanding its investment menu with a passive, municipal-bond investment product. The subsidiary of the Bank of New York rolled out the portfolio as part of an effort to expand beyond separately managed accounts.

Since early May, the firm has introduced several new products, including a suite of registered hedge funds, a mortgage origination capability, a mutual fund wrap program, a mutual fund supermarket and an overlay separate account program.

The municipal-bond portfolios will be structured through the trading desk at affiliate BNY Capital Markets, said Lockwood officials. Advisors will be able to structure portfolios using municipal bonds of varying maturities.

"These portfolios give individuals an attractive alternative for managing their fixed-income investments by blending the buying power and expertise of BNY Capital Markets with the tax-management potential of municipal bonds and the independent advisor's understanding of each client's needs," said Christopher W. Tomecek, president of Lockwood Advisors.

He added that the service allows advisors to more inexpensively make smaller fixed-income allocations to the portfolio since it carries a $250,000 minimum investment level.  

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