Pershing, a subsidiary of The Bank of New York Mellon Corporation, has introduced its new Lockwood Investment Strategies Longevity Income Solutions, a financial product that wraps a lifetime income guarantee from the PHL Variable Insurance Company around an investor's managed account assets.
The new offering is a component of Pershing Managed Account Solutions and is offered through Pershing’s affiliate, Lockwood Capital Management (LCM).
When a client invests in an LCM Lockwood Investment Strategies Longevity Income Solutions (LIS(2)) asset allocation model and adds Phoenix’s Guaranteed Retirement Income Solutions, Phoenix will guarantee predictable lifetime income payments regardless of the actual performance, even if the assets are depleted, subject to certain limits.
In contrast to traditional annuity products, an investor is able to retain ownership of the assets and will have access to the guaranteed income stream at age 65 or older.
Jim Seuffert, CEO of managed account solutions at Pershing, said: The addition of LIS(2) to our comprehensive platform underscores our commitment to develop and deliver a suite of industry-leading managed account solutions for our customers that can help them meet investors’ ongoing needs and grow their businesses.