The Bank of New York (BNY) announced today that it has acquired EMAT, a provider of processing services for individually managed accounts, and LFG Inc, a provider of individually managed account services to IFAs.
EMAT provides money managers, sponsors, investment advisors and investors with a common, independent infrastructure for individually managed account processing, using an open-architecture, internet-based platform. EMAT functions as the communications hub, establishing a focal point that eliminates many of the errors and bottlenecks in individually managed account processing, creating operational efficiencies and benefits for both money managers and program sponsors.
“We are delighted to have completed this transaction with EMAT,” says Gerald L. Hassell, president of BNY. “This acquisition affirms the Bank’s commitment to providing a wide range of customized investment processing solutions to our worldwide network of mutual fund companies, banks and money managers. The addition of EMAT’s systems and capabilities to our account servicing platform will complement and expand our existing strengths in serving our institutional client base.”
LFG, Inc. is the privately-held parent company of the Lockwood Financial family of companies (Lockwood) headquartered in Malvern, Pennsylvania. It is, says BNY, the largest provider of individually managed account services to independent financial advisors. The firm offers investment research, managed money services and portfolio performance reporting to investors through independent advisors, and specializes in serving the needs of individuals with taxable pools of assets. Since accepting its first account in 1996, Lockwood now has $7.6 billion in invested assets, most of which is held in individually managed accounts.
Gerald L. Hassell, president of The Bank of New York, added: “The completion of this acquisition underscores the Bank’s commitment to provide customized investment solutions to individuals and institutions through independent financial advisors and enables us to offer an expanded array of services to this growing marketplace. We are delighted to have Lockwood’s clients and employees join our organization.”